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HONG KONG, July 4, 2018 - (Media OutReach) - Beijing Gas Blue Sky Holdings Limited ("the Company" or "Beijing Gas Blue Sky", together with its subsidiaries, the "Group", HKSE stock code: 6828) is pleased to announce that, the Company entered into a non-binding strategic cooperation agreement (the "Strategic Cooperation Agreement") with Guizhou Branch of PetroChina KunLun Gas Co., Ltd. ("KunLun Guizhou Co.") to create a strategic cooperation relationship between the parties.
Pursuant to the Strategic Cooperation Agreement, the parties have agreed the following:
(1) If the investment of the gas pipeline business of KunLun Guizhou Co. in a place where the Company's city gas business is located, the project will be controlled by KunLun Guizhou Co. and invested by the Company;
(2) Developing and investing in city gas projects jointly which will then be controlled by the Company;
(3) For those city gas project which has been mutually agreed by the parties, the Company may acquire the enterprise and thereafter evaluate the cooperation with KunLun Guizhou Co. by using replacement cost approach; and
(4) Developing the LPG business in Guizhou Province, including but not limited to trading of LPG business, LPG refueling retail business, acquisition and merger of LPG business, subject to specific negotiations between the parties on individual project.
KunLun Guizhou Co. is the sole financing platform, investment vehicle and management platform for downstream natural gas business of natural gas segment of PetroChina KunLun Gas Co., Ltd. in Guizhou Province. KunLun Guizhou Co. is principally engaged in the development, project construction and operation of natural gas businesses for residential, commercial and industrial use in Guizhou Province.
Mr. Tommy Cheng, Co-Chairman and Executive Director of the Group said that "With the implementation of air pollution prevention and 'coal-to-gas' plans by the PRC government, the demand for natural gas has been increased rapidly in Guizhou Province. The entering into the Strategic Cooperation Agreement enables both parties to jointly invest and develop projects through existing sub-gas pipeline business and city gas business, including merger and acquisitions of downstream city gas projects based on replacement cost approach. The Company and Kunlun Guizhou will also actively explore the LPG market in Guizhou Province to enhance the Company's market share in Guizhou Province, optimize the synergy benefits among various business segments, facilitate the strategic development of full natural gas value chain in Southwest region of the PRC and further strengthen the cooperative relationship between the Company and Kunlun Energy following the LNG supply agreement entered in May 2018."
About Beijing Gas Blue Sky Holdings Limited
Beijing Gas Blue Sky Holdings Limited ("Beijing Gas Blue Sky", HKSE stock code: 6828) is an integrated natural gas provider, distributor and operator, with an emphasis on the midstream and downstream natural gas development. Our natural gas business includes: (i) construction and operation of compressed natural gas ("CNG") and liquefied natural gas ("LNG") refueling stations for vehicles; (ii) construction of natural gas pipelines and operation of city gas projects by providing piped gas; (iii) direct supply of LNG to end-users; and (iv) trading and distribution of CNG and LNG.
The Group has adapted to the "One Belt One Road" policy, and focus on operating and investing natural gas business. The Group is actively expanding its business development and distribution, as well as continues to gradually expanding the scale of operations. Currently, the Group has business presence in several provinces in Northeast China, East China, Central South China and Southwest China, including Liaoning Province, Jilin Province, Shandong Province, Shanxi Province, Anhui Province, Zhejiang Province, Hubei Province, Guizhou Province, Sichuan Province and Hainan Province, etc. The Group is committed to its vision: "develop clean energy, enhance customer value, create a beautiful blue sky". In the future, it will continue to actively investing and developing natural gas business, as well as participating in the development of natural gas industry value chain.
For media inquiries, please contact:
Stimulus Investor Relations Ltd.
Contact: Ms. Hill Ho / Mr. Michael Yeung
Tel: +852 3159 2944 / +852 3159 2994
Email: hill.ho@stimulus-ir.com / michael.yeung@stimulus-ir.com
Topic: Press release summary
Source: Beijing Gas Blue Sky Holdings Limited
Sectors: Energy, Alternatives
http://www.acnnewswire.com
From the Asia Corporate News Network
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