HONG KONG - Datang International Power, the Hong Kong-listed unit of the State-owned power generator China Datang, has said it would invest 3.93 billion yuan ($576 million) to set up a joint venture for a coal-based gas project in North China's coal-rich Inner Mongolia.

Beijing Gas Company, China Datang and Tianjin Jinneng will contribute 34 percent, 10 percent and 5 percent of capital, respectively.

The coal-based gas project, located in Kesheketeng Qi, Inner Mongolia, owns a production of 4 billion cubic meters of natural gas per annum.

China Datang has a controlling stake of 35.08 percent of Datang International Power, according to the statement.

Shares of Datang International Power lost 3.47 percent to end at HK$2.78 (36 US cents) on Tuesday.