HNA Buys Controlling Stake in Oil and Gas Distributer Haiyue

By Zhang Chenlu, Huang Rong and Denise Jia

(Beijing) — Chinese conglomerate HNA Group continued its shopping spree by acquiring a controlling position in a publicly traded oil and gas distributor, adding to a portfolio sprawling from aviation to logistics to financial services.

Through its logistics unit, HNA paid 2.65 billion yuan ($385.09 million) for control of Zhejiang Haiyue Co., a Shanghai-listed distributor of refined oil products and liquefied gas, Zhejiang Haiyue said Wednesday in a statement.

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