China: CCNG, Jiangxi Port Navigation Ink Cooperation Agreement

July 26, 2012

China City Natural Gas Investment Group, of which Kunlun Energy is a joint investor, and Jiangxi Port Navigation Construction Investment signed a strategic cooperation framework agreement.

Both parties thereto will extensively collaborate on many areas, including promotion of water transportation construction in Jiangxi Province and implementation of energy conservation and emission reduction. Mr. Ma Zhiwu, Director of Jiangxi Transportation Department, Mr. Wan Ming and Mr. Xu Runlong, both Deputy Director of Jiangxi Transportation Department, Mr. Zhang Bowen, President of Kunlun Energy, Mr. Wen Jiang, Vice-president of Kunlun Energy, Mr. Gao Falian, President of CCNG, Mr. Su Shifeng, Chairman of CCNG, and Mr. Yu Qinmin, Director of Jiangxi Administration of Port and Shipping Affairs attended the ceremony.

According to the agreement, during the period of “twelve-five year” plan, both parties will launch a full-scale cooperation on industries and projects related to inland river transportation, promotion of hybrid power for vessels, and transportation of oil and gas. In respect with construction of “green water transportation expressway” in Ganjiang River, CCNG will initiate various investments and financial cooperation together with Jiangxi Port Navigation, and proactively develop projects related to conversion from oil to gas, “hybrid power of diesel and LNG” of the vessels, and trial and promotion of LNG-powered vessels. In addition, CCNG will facilitate the construction of waterway LNG refilling stations, timely finance the construction of LNG-powered transport vessels, and research and explore the transportation of oil and gas on the inland rivers.

Such agreement will further consolidate the energy conservation and emission reduction in the waterway transportation areas in Jiangxi Province, and promote the low carbon dioxide development, thus making contribution to the development of “a prosperous, harmonious, and picturesque Jiangxi”.

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LNG World News Staff, July 26, 2012