HONG KONG and China Gas (Towngas) has formed its second joint venture on the mainland. The Zhongshan Hong Kong and China Gas Co is 70 per cent owned by the Hong Kong utility. The rest is held by Zhongshan Fuel Gas. The project, worth 240 million yuan (about HK$217.92 million), includes the construction of two substitute natural gas plants and a distribution network, which is expected to serve Zhongshan. Towngas' first joint venture was established in Panyu in May.