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| Lays a Solid Foundation for Developing Natural Gas Market |
HONG KONG, Nov 5, 2014 - (ACN Newswire) - Phoenitron Holdings Limited ("Phoenitron" or together with its subsidiaries the "Group;" stock code: 8066) has formally entered into a 20 years legally-binding cooperation agreement with an indirectly controlled company under Kunlun Energy Company Limited ("Kunlun Energy;" stock code 135) to commence a cooperation project to open their first LNG gas station. This marks the first step towards the Group's target of setting up more than 50 LNG gas stations in the Yangtze River Delta by 2019.
On 3 November 2014, Phoenitron has entered into a 20 years legally-binding cooperation agreement through its indirect non-wholly owned subsidiary Shanghai Phoenitron with Jiangsu Huagang, indirectly controlled by Kunlun Energy. The agreement marks their first collaboration for the running of an LNG gas station by Shanghai Phoenitron in Shanghai, China. Under the agreement Jiangsu Huagang shall utilise the stable LNG source from PetroChina Company Limited, as well as its own capital resources and technical expertise and sell the LNG to Shanghai Phoenitron at a discounted price and as the exclusive LNG supplier, and to provide main equipment of gas station and its related maintenance services etc. Shanghai Phoenitron shall take full ownership of and have the overall responsibility for managing the operation of the gas station. Meanwhile, Shanghai Phoenitron will also leverage its own established network to develop the downstream LNG market.
Ms. Lily Wu, Chairman and CEO of Phoenitron, said, "The Chinese government has encouraged the development of a low carbon economy and environmental protection in industry and consumption. As a result, there is a strong demand for sustainable economic and industrial development. Natural gas is a clean energy with relatively rich reserves in China which can bring structural change to the transportation industry and has thus gained full support from the government through favorable policies granted to benefit related companies. Under this favorable environment, the Group possesses advantages that can be effectively used. Together with the expertise of our partners, we believe that this LNG project will push our business development to the next level."
Contact:
Strategic Financial Relations Limited
Heidi So Tel: 852-2864 4826 Email: heidi.so@sprg.com.hk
Brenda Chan Tel: 852-2864 4833 Email: brenda.chan@sprg.com.hk
Stephanie Liu Tel: 852-2864 4852 Email: stephanie.liu@sprg.com.hk
Fax: 852-2527 1196
Topic: Press release summary
Source: Phoenitron Holdings Limited
Sectors: Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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