Ge Long Hui·2025-08-26 11:48Core Viewpoint - China Petroleum & Chemical Corporation (00857.HK) announced the board's approval for a significant acquisition of gas storage facilities, totaling a cost of RMB 400.16 billion, aimed at enhancing the stability and quality of its natural gas supply chain [1] Group 1: Acquisition Details - The acquisition involves three gas storage facilities: Xinjiang Gas Storage, Xiangguansi Gas Storage, and Liaohe Gas Storage, with respective costs of RMB 170.66 billion, RMB 99.95 billion, and RMB 129.55 billion [1] - The total consideration for the acquisition is RMB 400.16 billion, excluding taxes [1] Group 2: Strategic Importance - The acquisition is expected to improve the company's natural gas supply chain's stability and facilitate high-quality development [1] - Gas storage facilities play a crucial role in the natural gas production, transportation, storage, and sales process, serving as a tool for peak shaving and balancing production from gas fields [1] - The planned acquisition will add 10.97 billion cubic meters of working gas capacity, enhancing the company's ability to match gas storage with sales and optimize the overall efficiency of the natural gas supply chain [1]