China National Petroleum Corp (CNPC) has signed an acquisition agreement with Tianguan Group, an ethanol gasoline producer based in Henan province, Xinhua reported (in Chinese). CNPC will buy 55% of Tianguan to become the company's controlling stakeholder. China's top oil company's investment is important for Tianguan to further expand the production capacity of ethanol based on non-grain raw materials, said an anonymous Tianguan source. CNPC, which is China's largest crude oil provider, aims to enhance its competetiveness in the bio-energy and petrochemical areas through the acquisition.
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