China Resources and Transportation Group Limited entered into Framework agreement with PetroChina Guangdong Marketing Company.
CRTG has obtained first rights for the installation and operation of electric vehicle charging and compressed natural gas (CNG) and/or liquefied natural gas (LNG) dispensing stations in over 1,100 gas stations of PetroChina Guangdong in Guangdong province.
The framework agreement permits the company to select locations for and construct such charging and dispensing stations in stages and in batches, and thereby obtain the right to operate them, and revenue will be determined with PetroChina Guangdong in accordance with the individual situation of each charging or dispensing station.
The relevant arrangements will apply for not more than 20 years from the date of the framework agreement.
Press Release, August 29, 2014