CNPC buys 82.18% stake in Golden Harbor Trust

Jul. 2, 2009 (China Knowledge) - China National Petroleum Corp (CNPC), the country's largest integrated oil and gas enterprise, has acquired an 82.18% stake in Golden Harbor Trust Co, a Zhejiang-based fund manager, through a capital injection, the Wall Street Journal reported.

CNPC Assets Management Co, the wholly-owned asset management subsidiary of CNPC, injected cash into Golden Harbor Trust and renamed it Kunlun Trust, the Shanghai Securities News reported.

CNPC was one of four companies to injected capital into the trust company to raise its registered capital to RMB 3 billion from the previous RMB 407 million, said Kunlun Trust, without disclosing how much the oil giant had contributed.

Kunlun Trust added that the three other companies are its existing shareholders.

The acquisition was CNPC's second expansion in the financial sector. In April CNPC became the largest shareholder of the Karamay City Commercial Bank, furthering its goal of becoming a comprehensive international energy company.