GS Aromatics to acquire 10% stake in Chongqing Commercial Investment Petrochemical

GS Aromatics (Qingdao) Chemical Co., Ltd., a lubricants and base oil provider, has entered into an agreement to acquire a 10% stake in Chongqing Commercial Investment Petrochemical, a gas company, from Chongqing Commercial Investment Group, an equity investment firm. All the entities are based in China.
GS Aromatics (Qingdao), a Chinese lubricants and base oil provider controlled by Korean GS Engineering & Construction, has entered into an agreement to acquire a 10% stake in Chongqing Commercial Investment Petrochemical, according to the Chongqing Daily.
The state-owned conglomerate, Chongqing Commercial Investment Group, controls the Chinese gas company Chongqing Commercial Investment Petrochemical.
While the report failed to disclose the size of the deal, it was noted that the acquisition is expected to pave the way for the foray of GS’s GS-Caltex brand to Chongqing City.
950 private gas stations in Chongqing will be integrated into the Caltex-Shangtou brand moving forward, according to Jin Guangxun, general manager of the petrochemical company.
(July 22, 2013)