China LNG, Shanghai Fargo sign Framework agreement

China LNG said that it has entered into the Framework Agreement with Shanghai Fargo to expand the investment in LNG refueling stations and in providing new LNG trucks for the commercial logistic transportation industry in China.

“Shanghai Fargo agreed to assist China LNG group to communicate with Shanghai government to accelerate the approval process in the land, planning and project approval and provide tax incentives in relation to the cooperation and look for suitable locations for construction of LNG refueling stations and LNG storages,” stands in a statement issued by the company.

China LNG group on the other hand agreed to invest in the cooperation and responsible for the technical support together with a mega stated-owned enterprise.

It will provide LNG heavy trucks or replace the LNG heavy trucks of Shanghai Fargo and provide financial support, insurance services and operating leases services through Ping An Securities Limited, a strategic partner of the company, in relation to provision of LNG heavy trucks or replacement of LNG heavy trucks of Shanghai Fargo.

Press Release, July 29, 2014