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Changfeng's Sanya operation receives extra gas quota

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Hydrocarbon Engineering,

Changfeng Energy's Sanya operation has received an extra gas quota of 9 million m3 for 2016.

Changfeng Energy Inc., (Changfeng or the company), a natural gas utility in China, is pleased to announce that the company has entered into a natural gas purchase and sale agreement with Hainan Fuel Chemical Co., Ltd., a subsidiary of China National Offshore Oil Corporation (CNOOC) to purchase 9 million m3 of natural gas during the remainder of 2016 (the additional gas quota).

Any unused gas supply of the additional gas quota is non-cumulative and not eligible to be carried forward to 2017. The company will be billed exclusively on the actual volume of natural gas received until 31 December 2016. The additional gas quota will enable the company to better supply its operation in Sanya region and to enhance its gross margin by reducing purchases of relatively expensive CNG and LNG.

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