China Natural Gas Adds Three CNG Filling Stations
08 Juli 2008 - 11:01PM
PR Newswire (US)
-- Expands into Two Additional Cities in Shaanxi Province, China --
NEW YORK, July 8 /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 acquired three CNG
filling stations located in Xi'an City, Tongchuan City and Yan'an
City, respectively, in the Shaanxi Province of China. The filling
stations have all of the government permits to operate and are now
selling natural gas for CNG powered vehicles. Today's announcement
brings the Company's total revenue generating CNG filling stations
to 31. "Today's announcement marks a major step in our CNG filling
station network expansion as we enter into two new markets in the
Shaanxi Province. As one of the first natural gas suppliers to
enter Tongchuan City and Yan'an City, we expect to continue to
capitalize on the demand for compressed natural gas from a growing
population of vehicle owners. We estimate there are approximately
60,000 and 70,000 vehicles in Tongchuan City and Yan'an City,
respectively, of which only one percent are currently using
compressed natural gas. Vehicles powered by gasoline can be readily
converted to CNG/gasoline hybrid at our auto conversion division at
very low cost. With soaring crude oil prices and the recent
increase in the retail price of gasoline in China, we believe we
are well positioned to capture 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 and our ability to penetrate the new markets. CONTACT In
the U.S.: Ashley Ammon MacFarlane or Wei-Jung Yang Integrated
Corporate Relations 203-682-8200 In Asia: Dan Joseph Integrated
Corporate Relations, Inc. +86 10 8523 3087 DATASOURCE: China
Natural Gas, Inc. CONTACT: In the U.S.: Ashley Ammon MacFarlane, or
Wei-Jung Yang, +1-203-682-8200, or In Asia: Dan Joseph,
+86-10-8523-3087, all of Integrated Corporate Relations, Inc., for
China Natural Gas, Inc. Web site: http://www.naturalgaschina.com/
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