HONG KONG, Apr 29, 2020 – (ACN Newswire) – Binhai Investment Company Limited ("Binhai Investment" or the "Company", stock code: 2886.HK) is pleased to announce that Company (as issuer) entered into the Subscription Agreement with Sinopec Great Wall Gas Investment Co., Ltd ("Great Wall Gas", as subscriber). The subscriber agreed to subscribe for an aggregate of 178 million Subscription Shares, at the subscription Price of HK$1.33. The Subscription Shares represent approximately 13.14% of the issued share capital of the Company as enlarged by allotment and issue of the Subscription shares.
On the same day, TEDA Hong Kong Property Company Limited ("TEDA HK", as vendor), being the controlling shareholder of the Company, and Great Wall Gas(as purchaser) entered into the Share Purchase Agreement. The purchaser agreed to purchase, an aggregate of 228 million Sale Shares at the Sale Price, which is the same as the Subscription Price. The Sale Shares represent approximately 16.85%. Immediately after completion of the Subscription and the Disposal, TEDA HK, a controlling shareholder of the Company, holds 35.43% equity and Great Wall Gas holds 29.99% equity as second largest shareholder. Great Wall Gas is the only platform and wholly-owned subsidiary of Sinopec Corporation, which is engaged in natural gas terminal utilization investment. Its main investment scope includes, but is not limited to, the investment and operation of clean energy projects such as natural gas pipeline, natural gas distributed energy and urban gas.
Binhai Investment considers that the company focuses on the construction of gas pipeline networks, gas sales and installation services, Sinopec Corp and its subsidiaries have access to petroleum and natural gas resources. Therefore, it is expected that by introducing Great Wall Gas as a strategic investor of the Company, both sides will achieve supply chain synergy. To solidify further business cooperation, the Group may conduct further negotiations with Sinopec Corp and/or its subsidiaries and enter into further business agreements with them in the future.
About Binhai Investment Company Limited (Stock Code: 2886.HK)
Binhai Investment Company Limited is principally engaged in investments in the construction and operation of gas pipeline networks, provision of gas construction and installation service, supply and provision of gas, and sale of liquefied petroleum gas in the PRC. The Company listed on the main board in Hong Kong on 11 February 2014 (Stock Code: 2886), the Company's controlling shareholder is Tianjin TEDA Investment Holding Co. Ltd. As one of the earliest foreign-funded enterprises participating in the public utilities industry in the PRC, the Company is committed to aligning with the national policy of the PRC in providing clean energy for the commercial and industrial users and urban citizens, also developing the gas market in mainland China. Leveraging on the Company's long experience in the industry, safe and trustworthy service quality, professional expertise as well as the close relationship with the local government, Binhai Investment has a coverage of gas business that encompasses seven provinces and two municipalities across the PRC. With the benefits of the abundant resources in Tianjin, the economic center in Bohai Rim area, and leveraging on the rapid development in Binhai New Area, the Company ties in with the thriving development in Binhai New area with a brand new image to strengthen its principal operation, gas business and expand business scale. For detailed information of the Company, please visit the website of the Company at http://www.binhaiinv.com/.
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Tag: Oil & Gas
Market Leader in LNG Turbomachinery Controls Awarded Multiple Arctic LNG 2 Contracts
Yamalo-Nenets Autonomous Okrug, Russia, Apr 23, 2020 – (ACN Newswire) – Compressor Controls Corporation (CCC), the global leader in liquefied natural gas turbomachinery controls and a division of Roper Technologies Inc., has been awarded multiple contracts for the Arctic LNG 2 project. The contracts represent the latest collaboration between Novatek and CCC, which previously worked together on turbomachinery optimization and standardization for the Yamal LNG project.
A major LNG development located in the Yamal-Nenets Autonomous Region's Gydan Peninsula, the Arctic LNG 2 project boasts an expected production capacity of 19.8 million tons per year. In CCC, Novatek has selected the world's leading turbomachinery controls expert-one that has its controls on 95.5% of the global LNG market's MTPAs.
Under the contracts, CCC will oversee the turbomachinery controls and optimization of all three 6.6 MTPA LNG trains' centrifugal compressors and expanders. In addition to spearheading anti-surge, performance, quench and other advanced controls, CCC will provide an emulator for use during the plant simulation and its eventual OTS. The company will leverage specialized local and global teams, and collaborate with the field's leading OEMs, to execute and deliver state-of-the-art control algorithms.
"These contracts recognize CCC's performance on the Yamal LNG project and allow us to continue strengthening our partnership with Novatek," said CCC Director of Global Projects, Osama Abou Shabab. "We're proud that Novatek has entrusted our global team to control all critical and non-critical machines in its hallmark Arctic LNG 2 project. CCC's field-tested, proven control techniques and algorithms will maintain and improve the project's targeted RAM."
The Arctic LNG 2 project includes constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The project is based on the hydrocarbon resources of the Utrenneye field. As of Dec. 31, 2018, the Utrenneye field's 2P reserves under PRMS totaled 1,138 billion cubic meters of natural gas and 57 million tons of liquids. Under the Russian classification, reserves totaled 1,978 billion cubic meters of natural gas and 105 million tons of liquids.
Project participants include NOVATEK (60%), Total (10%), CNPC (10%), CNOOC Limited (10%) and the Japan Arctic LNG, consortium of Mitsui & Co and JOGMEC (10%). OOO Arctic LNG 2 owns an LNG export license.
Visit novatek.ru/en/business/arctic-lng to learn more about the Arctic LNG 2 project. For more on CCC and Novatek, visit cccglobal.com and novatek.ru.
About CCC
CCC is the leader in turbomachinery train optimization services for the upstream, midstream and downstream oil and gas industry. Engineers and plant managers optimize plant efficiency every day utilizing CCC's expertise. Since 1974, over 37,000 installations have benefited from over two billion hours of CCC's operational experience. This expertise is codified in a comprehensive platform of hardware, software and consulting services that optimize turbomachinery to increase yield, reduce downtime and enhance plant safety.
Contact:
Shady Tawfik
+971-2-446-9671
stawfik@cccglobal.com
Related Links
– Arctic LNG 2 project https://www.newsfilecorp.com/redirect/B02LH84K
– CCC https://www.newsfilecorp.com/redirect/5QreUKPJ
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54751
Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com
VPower Group partners CNTIC to boost 900MW Generation Capacity in Myanmar
HONG KONG, Feb 10, 2020 – (ACN Newswire) – Hong Kong listed VPower Group International Holdings Limited (VPower Group), a leading DPG station owner and operator in Asia, announced today (10 February) that the Group and China National Technical Import & Export Corporation (CNTIC) have set up a joint venture company with nominal equity capacity, held as to 50% by each party, for the investment in, development and operation of three power projects in Myanmar with an aggregate contract capacity of 900MW.
Established in 1952, CNTIC is wholly-owned subsidiary of China General Technology (Group) Holding Ltd. which is under direct supervision of the central government of the People's Republic of China. The main business of CNTIC includes import and export of key technologies and complete plants; domestic and overseas project contracting and project management; trade, tendering, commercial and technical consulting, investment and financing. CNTIC is an engineering, procurement and construction (EPC) contractor of VPower Group and the two groups have commenced business relationship since 2010.
"Over the past 67 years since our establishment, CNTIC has been serving the national economy and promoting international trade and cooperation with a commitment to enhance global economic development. Leveraging on our extensive experience in overseas business development and years of close cooperation with VPower Group, we invest in the fast-frack power generation industry in Myanmar for the first time to provide stable and reliable electricity supply for Myanmar people. We believe, the perfect match of VPower Group's flexibility, adaptiveness, technical expertise and our professionalism, innovation and scale will result in a mutual beneficial partnership and lead us to a promising future." Mr Wang Yanming, Vice President of CNTIC said.
In response, Mr. Rorce Au-Yeung, Co-Chief Executive Officer of VPower Group said, "It's our honour to have CNTIC, which is a reputable international enterprise providing integrated service on technical trading, project contracting and project management, as a close partner for years. At this memorable 10th anniversary of our cooperation, we are glad to deepen our cooperation at different dimensions to enhance the win-win relationship."
"Being one of the fastest-economies in Southeast Asia going through legal and systematic reform in recent years, Myanmar has become a popular Asian country longing by foreign investors. Since our entry in Myanmar in 2015 with a self-invested and operated distributed power station, we are pleased to have witnessed the government's effort in improving the systems of different industries from multifaceted perspectives, especially the energy and electricity sector, to provide a friendly business environment for foreign investors like us. Joining hands with CNTIC for the addition of 900MW generation capacity, we expect that these projects will further alleviate local power deficit to support local economic development and enhance people's living standard."
VPower Group (1608.HK) announced in October 2019 that a consortium comprising VPower Group and a strategic partner formed for tender submission for power projects as called by Electric Power Generation Enterprise of the Ministry of Electricity and Energy of Myanmar, won three projects with an aggregate 900MW generation capacity. The parties are in negotiation for the terms in the shareholders' agreement.
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