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Expands LPG, LNG and Oil Products Business in Guangdong Province
Set for Big Leap in Development |
HONG KONG, Apr 10, 2013 - (ACN Newswire) - NewOcean Energy Holdings Limited ("NewOcean Energy" or the "Group;" stock code: 00342), one of the fastest-growing energy suppliers in the Southern China region, today announced that it has signed a strategic cooperative agreement with China Petroleum & Chemical Corporation ("Sinopec"; stock code: 00386), with Mr Shum Siu Hung, Chairman of the Group and Mr Xia Yu Fei, General Manager of Sinopec Guangdong Oil Branch Company as witnesses, to form a joint venture company "Sinopec NewOcean Energy Company Limited" (the "JV"). The JV is to expand the collective liquefied petroleum gas ("LPG"), liquefied natural gas ("LNG") and oil products businesses in Guangdong Province, promoting the Group's energy business to generate substantial growth. The registered capital of the JV is RMB100 million, with the Group to contribute cash capital of RMB49 million for an interest of 49%.
 | | NewOcean Energy Forms Joint Venture Company with Sinopec |
Through the collaboration, the Group will be able to integrate a sales network comprising its own auto-gas refueling stations and the petrol or gas refueling stations of Sinopec in Guangzhou. This will help extend the Group's LPG business presence in Guangdong Province and further consolidate its market leadership position, as well as lay a strong foundation for the development of its oil products business. Highlights of the cooperative agreement between NewOcean Energy and Sinopec are outlined below.
-- The JV will undertake the operations of two auto-gas refueling stations from NewOcean Energy and Sinopec and add gas refueling facilities at 27 Sinopec petrol stations in Guangzhou,
-- The JV may establish LPG bottling (petrol) stations at suitable sites,
-- Sinopec will help the JV to apply to operate a bonded oil business in China.
Mr Lawrence Shum, Managing Director of NewOcean Energy, said, "The strategic long-term cooperation with Sinopec not only significantly enlarges our LPG sales volume and coverage in Guangdong Province, but also enables us to obtain a coveted bonded oil business license in China within a short period, accelerating development of our oil products business. These advantages should enable the Group to realise rapid growth of its energy business, continuously increase our market share in the Province and expedite the achievement of our strategic goal of selling five million tonnes of integrated energy products."
Mr Li Ji Cong, Deputy General Manager of Sinopec Guangdong Oil Branch Company, said, "NewOcean Energy's auto-gas refueling stations offer advantageous locations in bustling Guangzhou. The company is an established leader there with a strong reputation within the industry. Thus, we are happy to establish this JV to jointly develop the fast-growing energy market in Guangdong Province, thereby increasing the market share of clean energy and creating a win-win situation for both companies."
Contact:
NewOcean Energy Holdings Limited
Angeline Wong
Deputy General Manager and Head of Investors Relation
Tel: +852 2866 7556
Email: angelinewong@newoceanhk.com
Strategic Financial Relations Limited
Veron Ng
Tel: +852 2864 4831
Email: veron.ng@sprg.com.hk
Keris Leung
Tel: +852 2864 4863
Email: keris.leung@sprg.com.hk
Sherman Yu
Tel: +852 2114 4956
Email: sherman.yu@sprg.com.hk
Topic: Press release summary
Source: NewOcean Energy Holdings Limited
Sectors: Gas & Oil, Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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