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HONG KONG, Jan 13, 2011 - (ACN Newswire) - Binhai Investment Company Limited ("Binhai Investment" or the "Company", 8035.HK), principally engaged in the provision of connection services for its gas pipeline networks and sale of gas in the PRC, is pleased to announce that it has successfully re-entered into a "Concession Right Agreement on the City Gas Pipeline" ("New Agreement") with Deqing County in Zhejiang Province for a term of 30 years. It marked another milestone of the Company's business upon acquisitions of the piped gas project of Lutai Economic and Technological Development Zone, Tangshan City and the piped gas project of Linjin Industrial Clusters in Hangu Administrative Region, Tangshan City in Hebei Province in December 2010 consecutively.
Boasting a superior location, Deqing County is one of the top hundred counties in the nation and has gradually formed an industrial layout with emerging industries as its principal development. Binhai Investment had entered into a "Concession Right Agreement on the City Gas Pipeline" (the "Original Agreement") for a term of 30 years with Deqing County in Zhejiang Province in 2001.
As compared with the operation area of approximately 15 square kilometers in the regions of Deqing County as stipulated under the Original Agreement, the operation area under the New Agreement has been expanded to approximately 80 square kilometers. Besides the regions in the county, the licensed scope of operation area is more than five times expanded, which includes the Deqing Economic Development Zone and two towns. By putting an end to vicious competitions from other areas, the New Agreement once again consolidated Binhai Investment's exclusive position in the concession operation of city gas pipeline and also secured the customer base and profit margin of Binhai Investment. Under the expansion of the operation area, the user coverage of Binhai Investment in Deqing County will grow by multiple folds and the estimated gas sales volume generated by the users in the economic development zone will surge.
Mr. Gao Liang, the General Manager and Executive Director of Binhai Investment, said "The New Agreement further secured the gas sales volume of the Company and once again proved Binhai Investment's strengths in the provision of connection services for gas pipeline networks and sale of gas. As an enterprising company, Binhai Investment has always attached high importance to the development of new projects, striving to increase the sales volume and actively opening up its business. In addition, Binhai Investment will proactively develop existing gas projects and continuously enlarge its business scope so as to deliver greater returns to shareholders."
About Deqing Economic Development Zone in Zhejiang Province
Deqing County is a coastal economic open county approved by the State Council and is known as "a land of fish and rice, an area of silk, a space of bamboo and tea, the town of pearl" in the nation. It is awarded the "top 100 counties of China with comprehensive strengths in farming" and the "top 100 counties of China in technological development". Deqing Economic Development Zone is a provincial-level development zone approved by Zhejiang People's Government. It is a "special administrative region" of Deqing County and the window for opening up to external market. Taking advantages of its location and satisfactory environment for investment, the development zone has formed a layout comprised of pillar industries represented by the textile industry, leisure products industry, advanced manufacturing industry, new energy industry, building material industry, bio-medicine industry and machinery & electronics industry in recent years. These enterprises have been promoting the upgrade of the industries in the development zone, which leads to the gradual realization of the advantages of industry-gathering and to some extent, relatively complete industry chains have been developing. The policy of "focusing on industry, developing economy, building a manufacturing center" is adopted in the development zone and no effort is spared to develop the development zone into a pioneer of technological innovation of the industry chain neighboring Hangzhou, a core zone of advanced manufacturing and finally a first class economic development zone in Zhejiang Province and even in the Yangtze Delta area.
Contact:
Wonderful Sky Financial Group Limited
Joanne Chan
joannechan@wspr.com.hk
Jonathan Yang
jonathanyang@wsfg.hk
Scarlett Shi
scarlettshi@wsfg.hk
Tony Chen
tonychen@wsfg.hk
Tel: +852 2851 1038
Fax: +852 2815 1352
Topic: Contract Awarded
Source: Binhai Investment Company Limited
Sectors: Gas & Oil
https://www.acnnewswire.com
From the Asia Corporate News Network
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