FUJIAN Enterprises, controlled by the government of Fujian province, is taking up an option to buy a stake in troubled Summa Promet Energy after an arm of the Beijing Government failed to exercise a share purchase option.

The China National Offshore Oil Corporation failed to take up an option to buy 330 million Summa Promet shares.

The option was part of the rescue plan for Summa put together by Seapower Securities. However, the oil firm will remain a business partner and has been granted a further option to buy Summa shares in the next year.