China Natural Gas Announces to Provide up to 50,000 New Customers with CNG
2008-10-14 Source：english.chinabuses.com
China Natural Gas, Inc. (OTC Bulletin Board: CHNG), one of the leading providers of compressed natural gas (CNG) for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi'an, China, today announced that it has signed a contract with the local government to be the exclusive provider of compressed natural gas ("CNG") and piped natural gas to the Town of Tangyu in Lantian County, Xi'an City, Shaanxi Province. The Company will immediately commence the layout of infrastructure and expects to start providing natural gas distribution services beginning in the fourth quarter of 2008.
In addition to the development of the Company's piped natural gas business, the Company continues to witness favorable trends in its retail CNG stations and auto-conversion businesses, as evidenced by two recent natural gas-related regulatory developments enforced by the Dongguan City government and China's Ministry of Public Security, respectively.
In September 2008, the City Government of Dongguan announced the "Notice of Governmental Support for the Development of Natural Gas Vehicles" ("Notice") to support the development of CNG filling stations and CNG-powered vehicles in an attempt to improve its environment. Under this Notice, the City Government will provide a subsidy of RMB3,000 for every taxi manufactured or converted to a natural gas/gasoline hybrid and RMB500,000 for every natural gas filling station built between 2008 and 2010. The City Government expected to invest a total of approximately RMB 72 million in this initiative.
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