March 16 -- China Gas Holdings Ltd. (ChinaGas), one of the country's leading pipe gas operators and providers, has teamed up with SKCorp. of the Republic of Korea (ROK), to explore business opportunities on the world market.

According to the ChinaGas website, the joint venture will be based in Hong Kong, and will mainly engage in production, liquefaction, transportation, distribution in urban areas, and import and export of liquefied petroleum gas (LPG).

The name of the joint venture was not disclosed.

Under the agreement, ChinaGas and SKCorp. will each hold a 50-percent stake in the US$20 million venture.

The two sides have agreed to make best use of their respective advantages in funding, technology and energy, and will work to make the joint venture a major gas and energy operator in the Asia-Pacific region.

Liu Minghui, president of ChinaGas, called the cooperation with SKCorp. a "win-win deal".

Liu said that as the leading energy provider in the ROK, SKCorp. boasted advanced technologies and investment experience in energy and chemical industries. Listed in Hong Kong, ChinaGas has signed agreements with 56 cities on the Chinese mainland to provide pipe gas.

ChinaGas provides pipe gas for more than one million households and over 2,000 industrial and commercial users daily.

Sources with the SKCorp. said the company expected to occupy 10 percent of China's gas market by 2020 through cooperation with ChinaGas.