PetroChina Proposes Buying Gas Companies for $5.6 Billion

PetroChina Co. has proposed buying three natural gas storage companies for 40 billion yuan ($5.6 billion) to bolster the nation’s infrastructure for the fuel.

The board of China’s biggest oil and gas producer on Tuesday approved a plan to buy Xinjiang Gas Storage, Xiangguosi Gas Storage and Liaohe Gas Storage from state-owned controlling shareholder China National Petroleum Corp., according to a filing on the Hong Kong stock exchange.