China Natural Gas Opens Two CNG Filling Stations in Xi'an, China
02 April 2008 - 2:30PM
PR Newswire (US)
NEW YORK, April 2, 2008 /PRNewswire-FirstCall/ -- China Natural
Gas, Inc. (OTC:CHNG) (BULLETIN BOARD: CHNG) , one of the leading
providers 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 it has built two new CNG
filling stations in Xi'an City, in the Shaanxi Province of China.
The filling stations have all of the government permits they need
to operate and are now selling natural gas for CNG powered
vehicles. Today's announcement brings the Company's total CNG
filling stations in operation to 28. "We are so pleased to continue
our station build out in 2008 as we further enhance our presence in
the Shaanxi Province. We believe there is significant opportunity
to build out our filling network as more and more drivers and local
governments seek the benefits of CNG, which is significantly more
affordable and energy efficient than gasoline. In fact, in Xi'an
City alone, we estimate there are roughly 700,000 motor vehicles,
of which only eight percent are currently using CNG. We are working
diligently to capitalize on this market opportunity," stated Mr.
Qinan Ji, CEO and Chairman of the Board of China Natural Gas, Inc.
About China Natural Gas, Inc. China Natural Gas, Inc., ("CHNG"), is
the first China-based natural gas retailing company publicly traded
in the U.S. It currently owns and operates a network of CNG retail
filling stations as well as a 120 kilometer long compressed natural
gas pipeline in Xi'an, China. Xi'an is 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
business segments: retail natural gas at company-owned filling
stations, end user delivery of natural gas services to residential,
commercial and industrial customers, and conversion of
gasoline-fueled vehicles to hybrid (natural gas/gasoline) powered
vehicles. Currently it is estimated that there are 5,000 buses and
20,000 taxis using CNG in Xi'an. 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. DATASOURCE: China Natural Gas, Inc. CONTACT: In the U.S.,
Ashley Ammon MacFarlane or Wei-Jung Yang, both of Integrated
Corporate Relations, +1-203-682-8200; or In Asia, Dan Joseph, of
Integrated Corporate Relations, Inc., +86-10-8523-3087, all for
China Natural Gas, Inc.
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