Sinoenergy Corp. (SNEN.OB) Opens the Door to Four CNG Retail Stations in the Biggest City in Central China
Posted on Wednesday, July 2nd, 2008 | In Current Market News, OTCBB Markets, Small & Micro Cap, Stocks to WatchSinoenergy Corp. (OTCBB: SNEN) manufactures compressed natural gas (CNG) vehicle and gas station equipment, and designs, develops and operates retail CNG filling stations in the People’s Republic of China. The company today announced the opening of four new retail CNG filling stations, bringing the total of CNG filling station operations to 11 in central and eastern China.
“We are very pleased to have four new stations open and operating in Wuhan and Pingdingshan,” Bo Huang, CEO of Sinoenergy stated in the press release. “Opening three new CNG stations in Wuhan is a significant milestone that we achieved after extensive coordination and communication with a number of local government agencies.”
Though coordination with the Wuhan government took longer than anticipated, the company said the approval of the three stations reinforces its ability to discuss future agreements with government agencies. With more than nine million civilians, the Hubei Province is the biggest area in Central China. Currently, the area has about 7,000 CNG powered vehicles and less than 14 CNG filling stations. Sinoenergy expects that 20 to 30 more retail filling stations are needed to meet CNG demand, and the company plans to open additional stations in Wuhan in 2008.
“Although Wuhan’s government approval process took longer than we expected, the successful opening of three stations in Wuhan has reinforced and strengthened our ability to work in the future with Wuhan’s government. Sinoenergy will continue to develop and maintain close contact with local government agencies in Wuhan and other markets to accelerate the development of our CNG filling station business throughout Central and Southeast China,” Huang stated.
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