China LNG Group entered into a strategic framework agreement with Baotou Rare Earth High-Tech Industrial Development Zone Committee to invest in LNG projects in Baotou City, Inner Mongolia.
According to the agreement, the Baotou Development Zone Committee will support China LNG Group in developing the LNG business in Baotou Development Zone.
China LNG Group plans to set up two companies with the investments of $30 million and $50 million or above, respectively.
Companies will engage in LNG application and finance leasing businesses, including vehicle conversions to run on LNG as wells as building LNG refueling stations for passenger vehicles in the Baotou Development Zone.
Press Release, October 7, 2014