BGBS & Beijing Gas Singapore entered into the Sales Contract at a total consideration of HK$88.66 million; both parties will continue to achieve synergistic development under the support of Beijing Gas Group
HONG KONG, Aug. 13, 2020 /PRNewswire/ -- Beijing Gas Blue Sky Holdings Limited ("the Company" or "Beijing Gas Blue Sky", together with its subsidiaries, the "Group", HKSE stock code: 6828) is pleased to announce that, the Company and Beijing Gas Singapore entered into the Sales Contract, pursuant to which Beijing Gas Singapore agreed to purchase 26,000 MTS of mono ethylene glycol from the Company at a total consideration of USD11.44 million (equivalent to approximately HK$88.66 million).
The interaction and cooperation between the Group and Beijing Gas Singapore, being the two important overseas platforms of Beijing Gas Group, demonstrate that Beijing Gas Group, the controlling shareholder, has increased its support to the Group. Looking ahead, both parties will continue to draw upon their respective advantages to achieve synergistic development under the support of the controlling shareholder.
In addition, this cooperation marks a milestone for the Group to expand its international trading business. The Group has established its international trading business since 2018, and independently imported a vessel of liquefied natural gas by capitalising on the CNOOC LNG terminal window period secured through auction. The project has been successfully completed and well recognised by the industry. This cooperation is believed to deepen the bilateral partnership, enhance both parties' strength in international trade and broaden both parties' channels of international trade, thereby improving the Group's strength in overseas markets. On the other hand, the trade cooperation between the two parties will enhance the business capabilities of the Group's international trade team, establish and familiarise themselves with various business processes of international energy trade and lay a foundation for the development of the Group's LNG international trade business, striving to improve the Group's strength in the LNG whole industrial chain business.
About Beijing Gas Blue Sky Holdings Limited
Beijing Gas Blue Sky Holdings Limited ("BGBS", HKSE stock code: 6828) is an integrated natural gas provider and operator focusing on the midstream and downstream development of the natural gas industry chain. Beijing Gas Group Co., Ltd. ("Beijing Gas Group") is the single largest shareholder, with this strength, the Group's major business includes (1) development and operation of city gas projects; (2) direct supply of liquefied natural gas ("LNG") to industrial end users; (3) trading and distribution of compressed natural gas ("CNG") and LNG; and (4) operating CNG and LNG refueling stations for vehicles. The Group aims to become China's leading natural gas integrated operator and will focus on LNG business in the short term.
The Group will proactively expand and lay out its business across the country to fully get involved in the development throughout the whole natural gas industry chain, thus creating the whole industrial chain development advantages for LNG business. Currently, the Group's natural gas projects covered 17 provinces, cities and autonomous regions in the PRC, including Liaoning Province, Jilin Province, Hebei Province, Beijing City, Shandong Province, Shanxi Province, Shaanxi Province, Ningxia Autonomous Region, Shanghai City, Jiangsu Province, Anhui Province, Zhejiang Province, Guizhou Province, Hubei Province, Guangdong Province, Guangxi Province and Hainan Province.