China Natural Gas, Inc., 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 completed the acquisition of a CNG compressor station in Hanchuan City, Hubei Province, China. The compressor station is located 38 km from the center of Wuhan in the east. Mr. Qinan Ji, Chairman and CEO of China Natural Gas, commented: “The acquisition of the compressor station will lay the foundation for sufficient natural gas supply that will service the approved CNG stations being established in Wuhan, Yichang, Xiangfan and Huangshi.” The compressor station has a daily processing capacity of 80,000 – 100,000 cubic meters.
China Natural Gas Announces Acquisition of Compressed Natural Gas Compressor Station
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XI’AN, China, July 8 /PRNewswire-Asia/ — China Natural Gas, Inc. (“China Natural Gas” or the “Company”) (Nasdaq GM: CHNG), a leading provider of compressed natural gas (CNG) for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi’an, China, announced today that the Company completed the acquisition of a CNG compressor station in Hanchuan City, Hubei Province, China.
The compressor station is centrally located in Makou Industrial Park, Hanchuan City, Hubei Province, which is 38 km from the center of Wuhan in the east, in a neighborhood with Hanyi Railway in the south, facing Yihuang Highway. Hanjiang Bridge crosses from south to north, and 25 arterial streets are located in the city.
Mr. Qinan Ji, Chairman and CEO of China Natural Gas, commented: “This acquisition marks another breakthrough of the Company’s expansion into Hubei Province and serves as a critical and solid step in the Company’s strategic development in the region. The acquisition of the compressor station will lay the foundation for sufficient natural gas supply that will service the approved CNG stations being established in Wuhan, Yichang, Xiangfan and Huangshi.”
Mr. Ji continued, “The Makou compressor station is fully operational and has a daily processing capacity of 80,000 – 100,000 cubic meters. The acquisition represents another high-quality asset in the China Natural Gas portfolio. We expect our natural gas sales to continue to grow with this acquisition and to create significant value for our shareholders. China Natural Gas’ management truly appreciates the support and trust of all of our investors. We look forward to sharing all further developments in what we anticipate will be a bright future for our Company!”
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