China Shipping Dev says to set up LNG venture

SHANGHAI, March 11 (Reuters) - China Shipping Development Co said on Wednesday that it would shortly sign an agreement with a unit of top Chinese oil and gas producer CNPC to set up a $5 million joint venture to ship liquefied natural gas (LNG).

China Shipping 1138.HK600026.SS would account for 90 percent of the venture and CNPC International the remainder, China Shipping said in a statement published in the official Shanghai Securities News.

CNPC is the parent of Petrochina 601857.SS0857.HK.

Trading in China Shipping shares was suspended on Tuesday in Hong Kong and Shanghai, pending a price-sensitive announcement. It would resume on Wednesday, China Shipping said. ($1=6.8412 Yuan) (Reporting by Lu Jianxin; Editing by Jonathan Hopfner)