China Natural Gas Provides Update on Retail CNG Station Business
09 Oktober 2007 - 4:12PM
PR Newswire (US)
Continues Geographic Expansion in China NEW YORK, Oct. 9
/PRNewswire-FirstCall/ -- China Natural Gas, Inc. (OTC:CHNG)
(BULLETIN BOARD: CHNG) , one of the leading providers of pipeline
natural gas for industrial, commercial and residential use and
compressed natural gas (CNG) for vehicular fuel in Xi'an, China,
today provided an update on its retail CNG station business. Mr.
Qinan Ji, Chairman and CEO of China Natural Gas, stated, "As we
expected, we had 20 CNG filling stations up and running in the
third quarter of 2007. The volume of CNG sold at each of our three
newest stations is averaging 12,000 cubic meters per day, which is
on track to reach our current average daily sales volume of 15,000
cubic meters per station. We also continued our geographic
expansion in the third quarter, as two of our newest stations are
located in the city of Zhengzhou in the Henan Province. Like Xi'an,
Zhengzhou is a city which increasingly relies on CNG as a vehicular
fuel. Zhengzhou has roughly eight million inhabitants and 900,000
motor vehicles, of which only seven percent currently use CNG. We
consider cities like Zhengzhou to be compelling new market
opportunities for us and we look forward to increasing our presence
both in and outside of Xi'an as we continue to expand our retail
CNG station network." About China Natural Gas, Inc. China Natural
Gas, Inc., ("CHNG"), is the first China-based natural gas company
publicly traded in the US. It currently owns and operates a 120
kilometer long compressed natural gas pipeline in Xi'an, China, a
fast growing Chinese city supported by a population of
approximately eight million and is the "gateway" to the broad
Western regions of China. China Natural Gas has three profitable
business segments: end user delivery of natural gas services to
residential, commercial and industrial customers; wholesale natural
gas to retail natural gas filling stations; and retail natural gas
at company-owned natural gas filling stations. The city of Xi'an
has approximately 20,000 Taxis, 3,000 buses and 2,000 special
purpose vehicles that are powered by compressed natural gas. This
press release may contain forward-looking statements. These
statements are based on the current expectations or beliefs of
China Natural Gas, Inc. management and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements,
including the fluctuation of natural gas prices, the availability
of natural gas supplies, changes in governmental regulations and/or
economic policies. CONTACT Integrated Corporate Relations In the
U.S.: Ashley Ammon MacFarlane or Bill Zima 203-682-8200 In Asia:
Xuyang Zhang +86 10 8523 3087 China Natural Gas Inc.: 212-786-7372
DATASOURCE: China Natural Gas, Inc. CONTACT: Ashley Ammon
MacFarlane or Bill Zima, +1-203-682-8200, of Integrated Corporate
Relations in the U.S., or Xuyang Zhang, +86-10-8523-3087, of
Integrated Corporate Relations in Asia; or China Natural Gas Inc.,
+1-212-786-7372 Web site: http://www.naturalgaschina.com/
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