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China Natural Gas, Inc. Announces Favorable Industry Develop

编辑:K8 日期:2019-01-28

XI'AN, China, April 15 /PRNewswire-Asia/ -- China Natural Gas, Inc. (Nasdaq: CHNG), a leading provider of compressed natural 大发快三gas for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi'an, China, today announced that China National Petroleum Corporation (CNPC) has decided to build an underground natural gas storage facility with 12 billion cubic meters capacity in Changqing Oilfield in Shaanxi Province. Once completed, the storage facility, which is in the vicinity of China Natural Gas' Jingbian liquefied natural gas plant, will be the largest natural gas storage facility in China and the top-ranking gas storage facility in the worlAAAAAAAAA> Mr. Qinan Ji, Chairman and CEO of China Natural Gas, Inc. commented: "CNPC is diligently building its strategic natural gas reserve plans. From 2011 to 2015, it has planned for ten underground natural gas storage facilities with working gas volume reaching 22.4 billion cubic meters. CNPC has decided to build a gas storage facility with 12 billion cubic meter capacity in Changqing Oilfield in Ordos Basin, where our liquefied natural gas plant is located. The facility will be the largest gas storage facility in China and also a top-ranking gas storage facility in the world. The completion of the gas storage will further strengthen and stabilize long-term gas supply at preferential cost to China Natural Gas' Jingbian LNG plant."

Mr. Ji continued: "We continue to see the price for petroleum as well gasoline increasing both in China and globally. With the era of natural gas consumption approaching, building large-scale gas storage facilities and improving natural gas supply flexibility between demand peak and trough is the common interest among government, enterprises, and civilians. With the completion of CNPC gas storage in Changqing Oilfield, gas supply can be greatly enhanced when demand peaks during winter and ensure a stable supply of gas to our company. We will continue to capitalize on this continued favorable growth trend in the market to create sustained growth and shareholder value."

About Changqing OilfielAAAAAAA> Changqing Oilfield, owned by China National Petroleum Corp., covers 15 cities across provinces including Shaanxi, Gansu, Ningxia, Inner Mongolia and Shanxi in China, with most reserves concentrated in the Ordos Basin, Shaanxi Province. Over the last two years, Changqing's oil and gas production yield has increased 5 million tons per year. In 2009, CNPC Changqing Oilfield produced 30.82 million tons of oil and gas and became China's second largest oil and gas field after Daqing Oilfield. Changqing's annual natural gas output has reached 18.95 billion cubic meters, AAAAAA it the largest natural gas production area in China. Changqing Oilfield is on track to become a modernized gas oilfield with annual output of 50 million tons in 2015 and to be China's "western Daqing."

About China Natural Gas, Inc.

China Natural Gas (http://www.naturalgaschina.com ) 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 24 CNG fuelling 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.

SAFE HARBOR: 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 States absent 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.

Jacky Shi

IR Director

Tel: +86-29-8832-3325 x922

Cell: +86-139-9287-9998

Email: yjshi@naturalgaschina.com

Investor Relations:

RedChip Companies, Inc.

Jon Cunningham

Tel: +1-800-733-2447 x107

Email: info@redchip.com

Web: http://www.RedChip.com

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