Changfeng Obtains Land Use Right and Receives Government Approval for Natural Gas Transmission Project in Zhaoqing City, Guangdong Province
TORONTO, ONTARIO--(Marketwired - Dec. 30, 2015) - Further to the press releases of Changfeng Energy Inc. ("Changfeng" or the "Company") (TSX VENTURE:CFY) dated March 29, 2012, April 25, 2013 and November 14, 2013 regarding the Guangdong Program, Changfeng is pleased to announce that Changfeng has obtained a land use right, received pipeline construction approval from the local government and passed the environmental assessments necessary to build the natural gas transmission pipelines, transmission stations and associated facilities to link the existing and/or planned provincial trunk lines to certain gas fueled power plants located in Gaoyao District, Zhaoqing City, Guangdong province, China.
The project consists of the installation of approximately 2.0 kilometres (1.4 miles) of pipeline connecting the existing and/or planned provincial trunk lines to gas fueled power plants belonging to Datang International Power Generation Co., Ltd, Guangdong Branch ("Datang - Guangdong"). The project, expected to be completed by the end of 2016, will potentially allow for Changfeng to be one of the major natural gas distributors to Datang - Guangdong's power plant in Gaoyao District and other possible industrial customers.
To carry out the development and future operation of the project, Gaoyao Evergrowth Natural Gas Co., Ltd., a wholly-owned subsidiary of Changfeng, has been incorporated in Gaoyao District, Zhaoqing City, Guangdong Province, China.
The Company is inviting engineering construction bids for the project. The Company intends to work to secure the gas source for this project and to conclude the gas sales and purchase agreements with the end users.
"We are very pleased with the significant progress made in the Gaoyao project," commented Mr. Lin, CEO and Chairman of Changfeng. "It signals Changfeng's Guangdong program's development into a new stage."
Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located throughout the People's Republic of China. The Company services industrial, commercial and residential customers, providing them with natural gas for heating purposes and fuel for transportation. The Company has developed a significant natural gas pipeline network as well as urban gas delivery networks, stations, substations and gas pressure regulating stations in Sanya City & Haitang Bay. Through its network of pipelines, the Company provides safe and reliable delivery of natural gas to both homes and businesses. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Venture Exchange under the trading symbol "CFY". For more information, please visit the Company website at www.changfengenergy.com.
Information set forth in this news release may involve forward-looking statements under applicable securities laws, including the expected completion of the Gaoyao project by the end of 2016, the intention to secure a gas source for the project and to finalize the gas sales and purchase agreements with end users and the potential for the Company to be one of the major natural gas distributors in the region. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements, including the potential that the completion of the Gaoyao project is delayed or additional required approvals are not obtained for any reason, an inability to secure a gas source or conclude the gas sale and purchase agreements with end users, the potential that the Company does not become one of the major natural gas distributors in the region and other unforeseen circumstances. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Source: Marketwired (Canada)
(December 30, 2015 - 6:00 PM EST)
News by QuoteMedia