03 December 2012 06:04 [Source: ICIS news]
SINGAPORE (ICIS)--Hong Kong-listed New Times Energy (NT Energy) said over the weekend that it has entered into an agreement to acquire an integrated liquefied natural gas (LNG) project in Zunyi city of China’s Guizhou province.
Under the agreement signed on 1 December, NT Energy will acquire 100% interests of GuiZhou ShunYao Energy Investment Co for CNY35m ($5.6m) to obtain the operating rights to the LNG project.
The project includes five LNG/compressed natural gas (CNG) stations for heavy duty trucks, a gas provision project for industrial parks and a high pressure pipeline system for the city, according to a statement of NT Energy.
The acquisition will enhance its position in China’s energy market and provide a better opportunity for its future development in the LNG sector, it said.
NT Energy is an integrated natural resources company engaged in the acquisition, development and operation of oil & gas projects in Argentina, the USA and China.
($1 = CNY6.23)
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