Chinese energy company to list on ASX

China-based Premiere Eastern Energy will list on the Australian sharemarket tomorrow as it pursues growth in the world's largest economy.

The supply chain manager of petrochemical products, based in Guangdong province, hopes to become the largest Chinese energy company on the local market.

After reaching a minimum share subscription of $3 million at 20 cents a share, Premiere will begin trading tomorrow morning.

It has said the Australian market offers a sophisticated capital market an internationally recognised corporate governance environment that provides a suitable platform for its growth plans.

Premiere Eastern chief executive Zhan Aiping said the company had averaged $720 million in sales over the past three years and would have a market value of almost $184 million.

"The launch process brings about many opportunities for Premiere Eastern Energy to continue its expansion in China and further target the fast growing Chinese oil consumption," Mr Aiping said.

Premiere Eastern Energy is a wholesale distributor in the Chinese petrochemical supply chain, acting as the conduit between the oil refineries and importers and the retailers.

A surge in private vehicles has boosted demand for oil as China becomes more urbanised and disposable incomes increase.

The company made an annual net profit of $29.8 million in 2013.