Phoenitron Holdings (08066) said its indirect non-wholly-owned subsidiary Shanghai Phoenitron has signed a non-legally binding Letter of Intent (LoI) with Jiangsu Huagang Gas, which is a company indirectly controlled by Kunlun Energy (00135) for collaboration in certain areas in the Yangtze River Delta economic zone in China.
The cooperation involve areas such as the supply of liquefied natural gas (LNG), capital, professional techniques and the promotion of relations with local governments and customers.
The LoI is to be valid for a term of three years and renewable upon expiry by mutual agreement of Shanghai Phoenitron and Jiangsu Huagang.
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