Clifford Chance has advised Kunlun Energy Co. Ltd., a natural resources company, on a $1.35 billion share placement in Hong Kong.

Kunlun, which is controlled by Chinese state-owned energy company PetroChina Co. Ltd., focuses on exploration, development, and production of liquefied natural gas and crude oil. The company will use the proceeds of the offering to expand its LNG activities, as part of the Chinese government’s plan to reduce the country’s dependency on oil.

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