China Petroleum & Chemical Corp (Sinopec) and ENN Energy Ltd said on Tuesday that they reserved the right to revise the terms of their $2.2 billion takeover offer for China Gas Holdings Ltd .

The consortium issued the statement to clarify that Sinopec Chairman Fu Chengyu's comments during a March 26 press conference did not constitute a "no increase" statement under Hong Kong's takeover code.

Sinopec and ENN have made an indicative offer of HK$3.50 per share to buy China Gas, which the target company rejected in December, saying the proposal failed to reflect the fundamental value of China Gas.