Sinopec won’t raise its bid for China Gas yet

Looks like it will stay at HK$15.3 billion for now.

According to Bloomberg, China Petroleum & Chemical Corp., Asia’s biggest refiner, said it’s “not the time” to talk about raising its joint HK$15.3 billion ($2 billion) bid with ENN Energy Holdings Ltd. (2688) for China Gas Holdings Ltd.

In the report, Fu Chengyu, chairman of the state- owned company known as Sinopec, said “We hope their board of directors can consider seriously” the HK$3.50 a share offer for the Hong Kong-based company that supplies gas to the mainland.

Bloomberg noted that the rejection may open the way for a rival suitor seeking access to rising demand from China Gas’s 6.6 million residential customers and 41,981 industrial and commercial users in the world’s biggest energy user.

View the report here.