China Natural Gas Announces Four New CNG Filling Stations
14 Dezember 2007 - 12:00AM
PR Newswire (US)
NEW YORK, Dec. 13 /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 announced that it has added four more compressed
natural gas (CNG) filling stations to its operations, bringing its
total to 24 stations. Two stations were acquired in Xi'an City,
Shaanxi Province. Another two newly built stations located in the
cities of Kaifeng and Xuchang in Henan Province were also put into
operation. "With these new stations we have strengthened our
position in our home market of Xi'an and also further advanced our
geographic expansion into the provinces around Shaanxi, including
Henan Province, where we currently have eight CNG stations," said
Mr. Qinan Ji, CEO and Chairman of the Board of China Natural Gas,
Inc. "Like Xi'an, Kaifeng and Xuchang increasingly rely on CNG as a
vehicular fuel due to environmental considerations and the large
increase in the cost of gasoline. Kaifeng has roughly 80,000 motor
vehicles, of which only 3.6 percent currently use CNG. Xuchang has
approximately 50,000 motor vehicles, of which only 2.6 percent
currently use CNG. We are very excited about the growth potential
of these markets." The four new stations move the Company beyond
the previously stated goal of 23 stations by year end 2007. The
Company expects all of the new stations to gradually increase sales
to reach the Company's existing average sales of 15,000 cm/day per
station. However, due to the difficulty of predicting the exact
pace of the sales ramp of the new stations, the Company is not
adjusting its guidance for 2007, which stands at revenue of $33.1
million and net income of $9.3 million. 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. CHNG 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 In the U.S.: Ashley Ammon MacFarlane or
Bill Zima Integrated Corporate Relations 203-682-8200 In Asia:
Xuyang Zhang Integrated Corporate Relations, Inc. +86 10 8523 3087
DATASOURCE: China Natural Gas, Inc. CONTACT: In the U.S., Ashley
Ammon MacFarlane, or Bill Zima, +1-203-682-8200; In Asia, Xuyang
Zhang, +86 10 8523 3087, all of Integrated Corporate Relations, for
China Natural Gas, Inc. Web site: http://www.naturalgaschina.com/
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