Fortune Oil, which invests in energy projects in China, today announcements a Gas Sales Agreement in respect of coal bed methane from its Liulin Block. This is the first such agreement.
- First Gas Sales Agreement at Liulin Block amounting to annual gross sales of RMB 52.1 million (£5.01 million).
- The entire coal bed methane production (as outlined in the GSA) from the Liulin Block will be resold at an attractive margin.
- Hunger for natural gas in Shanxi province is outpacing supply for each client segment (e.g. Transportation, Residential and Commercial, etc).
- Validates decision to partner with China United Coal Bed Methane Corporation and China United Shanxi CBM Company Limited.
The full announcement is attached.
Please call Archie Berens or Zoe Sanders on 020 7861 3112 for further information.