LNG/CNG Station in Liupanshui Commences Operation, China

New Times Energy Corporation Limited said that its LNG/CNG station in Liupanshui City, Liuzhi Special District, Guizhou Province, has commenced operation on 30 January 2013.

New Times Energy’s first LNG/CNG station commenced operation on 28 December 2012, where it has secured sales contract with a local public transportation company to provide compressed natural gas (CNG) to 41 public vehicles with a daily consumption of approximately 60 cubic meters per vehicle, therefore ensuring steady income during the early stage of operation of the gas station.

New Times Energy has gained support from local governments and is now in talk to propose the application of LNG conversion to all vehicles in Liuzhi Special District in order to further secure gas sales for the newly opened LNG/CNG station. Along with the commencement of the China-Myanmar Gas Pipeline, one of China’s 4 major oil & gas pipelines, the Group reports confidence in its upcoming operations as sufficient natural gas supply will be available in Guizhou Province, thus securing promising opportunities for New Times Energy. Additionally, a total number of 15 LNG/CNG refilling stations, to be acquired, and 3 LNG/CNG compression stations, to be acquired, will commence operation in 2013 and 2014.

Mr. Stewart Cheng, Chairman and Executive Director of New Times Energy, said, “The quick advancement in China’s downstream natural gas/LNG business illustrates New Times Energy’s receptive position in the industry. We believe this will be beneficial to the Group’s integrated development in its natural gas business. Along with the construction of additional LNG/CNG stations, Guizhou Province is expected to become an important revenue generating source for New Times Energy in 2013.”

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LNG World News Staff, February 04, 2013; Image: New Times Energy