XI'AN, China, Aug. 6 /PRNewswire-Asia/ -- China Natural Gas, Inc. ("China Natural Gas" or the "Company") (Nasdaq GM: CHNG), a leading provider of compressed natural gas (CNG) for vehicular fuel and pipeline natural gas for industrial, commercial, and residential use in Xi'an, China, announced today that a ship powered by liquefied natural gas (LNG) and modified by the Company successfully completed its test navigation in Wuhan on August 3rd, 2010. The historic event is the first time an LNG-powered ship has navigated in China's domestic waterways, demonstrating that LNG can be used both in cars and ships as a transportation fuel.
The Company succeeded in fueling a tugboat weighing over 300 tons with LNG for Wuhan Ferry Company. The ship now runs on a fuel formula of 30% diesel and 70% natural gas, representing significant energy and cost savings.
The Chairman of the board & CEO of the company, Mr. Qinan Ji, proudly commented, "This achievement is a big step in the history of China's new energy industry and will contribute to environmental protection and reduce energy consumption. The marketing of LNG-powered ships will be implemented on a full scale in the forthcoming years. Our fully owned subsidiary, Hubei Xilan Natural Gas, Ltd., will cooperate with the Wuhan Ferry Company in the passenger transport business to explore further applications for this revolutionary kind of vessel. We expect to achieve extensive coverage with our LNG-powered ships along the Yangtze River."
Mr. Qin'an Ji further commented, "This latest success proves that advanced dual-fuel hybrid power technology for ships is an economical, reliable, and energy-saving environmental technology. Ship modification engineering is a leading technology inChina, and we plan to apply for the appropriate patents in ship modification. This technology will strengthen our competitiveness to an unprecedented level. As we fully embrace China's national campaign for energy saving, emission reduction, low-carbon waterways, and green navigation, the Company will benefit from being on the leading edge of the nation's shift toward clean energy sources."
About China Natural Gas, Inc.
China Natural Gas transports and sells natural gas to vehicular fueling terminals, as well as commercial, industrial and residential customers through its distribution networks in China's Shaanxi and Henan Provinces. The Company owns approximately 120 km of high-pressure pipelines and operates 25 CNG fueling stations in Shaanxi Province and 12 CNG fueling stations in Henan Province. China Natural Gas' four primary business lines include: (1) the distribution and sale of CNG through Company-owned CNG fueling stations for hybrid (natural gas/gasoline) powered vehicles; (2) the installation, distribution and sale of piped natural gas to residential, commercial and industrial customers through Company-owned pipelines; (3) the distribution and sale of gasoline through Company-owned CNG fueling stations for hybrid (natural gas/gasoline) powered vehicles; and (4) the conversion of gasoline- fueled vehicles to hybrid (natural gas/gasoline) powered vehicles through its auto conversion division.
Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future plans and goals of the JV with CNPC and its prospects are forward looking and subject to risks. China Natural Gas, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statements on Forms S-1 and S-3, in each case as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United Statesabsent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.
For more information, please contact:
China Natural Gas Inc.
Jackie Shi
IR Director
Tel: +86-29-8832-3325 x922
Cell: +86-139-9287-9998
Email: yjshi@naturalgaschina.com
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