November 18 -- Xinjiang Guanghui Industry (600256.SH), a property developer and distributor of liquefied natural gas (LNG), has signed an agreement with Jupiter Element Limited (JEL) and Foren Associates Ltd., two British Virgin Islands-registered companies, on the acquisition of oil assets, reports Shenzhen Economic Daily.

Foren is the effective controller of a gas field in Kazakhstan.

According to the agreement, Xinjiang Guanghu Industry, together with JEL, will spend up to $200 million to subscribe to the shares issued by Foren.
The shares to be subscribed to account for 56 percent of Foren’s enlarged share capital after the share issuance.

Following the transaction, Xinjiang Guanghui Industry will directly hold a 51 percent stake in the gas field, while JEL will have an indirect stake of five percent in the gas field.