China Natural Gas, Inc. (CHNG), a provider of compressed natural gas (CNG) for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi’an, China, has released its financial results for the fourth quarter and full fiscal year ended December 31, 2010, including optimistic comments on continued growth in the area of natural gas fuel provision for transportation.
Mr. Qinan Ji, Chairman and CEO of China Natural Gas, commented: “We are very pleased with our strong growth and profitability for the fourth quarter and full year 2010. During this quarter, we increased our number of pipeline customers to 115,479, and we expanded the number of our CNG gas stations to 39. We continued to see higher sales volumes resulting from the increasing number of hybrid vehicle fleet and municipal vehicles in the city of Xi’an, which utilize compressed natural gas as a cleaner, cheaper and more efficient fuel alternative. We believe our strong performance in 2010 demonstrated the long-term market potentials for our CNG gas stations as well as our piped natural gas and installation services for residential, commercial and industrial customers.”
Mr. Ji concluded: “We remain optimistic about the market growth and potentials for natural gas usage in the developing Shaanxi and Henan provinces. We will continue to focus on growing our business strategically by steadily expanding our CNG customer base, especially focusing on sales to fleet vehicles and taxis.
CHNG has added 16 CNG filling stations to its refuelling network in Xi’an since March 2009.
This item primarily compiled using information from a China Natural Gas press release.