China Print Power Group said that it has entered into a sales and purchase agreement to acquire approximately 90% interest in a natural gas provision project in Liaoning province, at a total consideration of approximately HK$515 million.
According to the agreement, the company will acquire exclusive franchise to supply natural gas, including liquefied natural gas (LNG) and compressed natural gas (CNG), to the Xihu District of Benxi City in Liaoning province for a term of 30 years, commencing on 30 March 2012.
In addition, to further expand and strengthen its natural gas operations, the company has continued developing the construction projects in Benxi city of the following:
- Natural gas pipelines within the commercial and industrial area of DFH Industrial Park, including a natural gas station and relevant facilities with an annual capacity of 150 million cubic meters;
- 1 LNG/CNG main station and 5 LNG/CNG satellite stations;
- 1 LNG/CNG station for trucks and buses in Huolianzhai;
- Natural gas supply facilities provision to 52,500 households.