New Times Energy officially entered into the natural gas market in China in July 2012 and has secured various Natural Gas Integrated Projects in different cities, including Liupanshui City and Zunyi City in Guizhou Province, as well as Huai’an City and Xuzhou City in Jiangsu Province. New Times Energy has obtained a total of 29 LNG/CNG stations, targeting heavy duty trucks, and gas provision projects to six industrial parks and 86,500 residential households. New Times Energy’s projects currently covers across the Southwest and Central region of China, illustrating the Group’s rapid development in the natural gas market.
Jiangsu Province is the second major region of the Group’s LNG/natural gas business and is the key inland water logistics center, connecting the Yangtze River, the Grand Canal and many other fresh water lakes. With the government’s continuous support to replace traditional fuel with LNG for vessels, this generates huge potential markets for LNG application for vessels.
Mr. Stewart Cheng, Chairman and Executive Director of New Times Energy, stated: “I am delighted with New Times Energy’s rapid expansion in the natural gas market in China. The Group will continue to actively expand into other cities within Jiangsu Province and aim to increase its market share in a short period of time. In addition, various research reports from Investment Banks have indicated that LNG stations will experience a rapid growth between 2013 and 2015, which corresponds to New Times Energy’s main focus and vision in its LNG business. This greatly strengthens the Group’s confidence in its development strategies and at the same time, demonstrates the development potentials in downstream LNG business in China.”
Source: New Times Energy Corporation Limited.
