Greater China Technology Group Ltd.
GreaterChina Technology Group Limited is an investment holding company engaged in the research and development, manufacture, marketing and distribution of western medicine and healthcare products based on traditional Chinese medicine. The Company's subsidiaries include herbs N senses Health Products Limited, HnS Health Products Limited, GreaterChina Technology Exchange Limited, GreaterChina Technology Capital Marketing Limited, GreaterChina Investment Limited, iSolutions Development Limited, GreaterChina Biotherapeutics Company Limited, Power Essence Limited, Golden Unit Limited, GC Investment (China) Limited, GreaterChina Natural Resources Limited, GC Resources Investment (Vietnam) Limited, Guangdong Richtungen Pharmaceutical Co., Ltd. During the fiscal year ended July 31, 2008, the Company deregistered three of its wholly owned subsidiaries, GreaterChinaherbs.com Limited, iBusiness Limited and iCare Technology Limited.
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Green Dragon Gas in massive extension of refuelling station network
Green Dragon Gas Ltd (LON:GDG)
said it is extending its network of compressed natural gas (CNG)
refuelling stations in China with the acquisition of 25 new sites in
Henan Province for an initial US$15 million.
The company has
entered into a binding agreement to add 25 new vehicle refuelling
stations in 7 districts in Henan. In addition to the acquisition costs,
each station is expected to require a further US$500,000 in
construction related expenses.
The new facilities are in
Xinxiang, Kaifeng, Anyang, Luoyang, Xuchang, Hebi and Zhoukou. These
stations are in addition to the two existing refuelling stations already
established and operating in Henan's capital city, Zhengzhou and
Jiyuan thereby increasing Green Dragon Gas's total retail network to 27
stations.
All stations are located within a 250 kilometre
radius from its production facility in Shanxi province or the midstream
operation in Zhengzhou, Green Dragon said. The locations were selected
based on market demand, population and fleet transportation hubs.
The
acquisition is consistent with Green Dragon’s strategy to sell
directly to the consumer. Retail CNG gas selling prices are currently
in the region of US$13-15 per Mcf (1,000 cubic feet). Regional cities
are beginning to mandate that taxis and mass transport convert to dual
use - petrol and CNG, adding to the fast growing market.
The
company anticipates that operations will commence in 2011 for the new
stations, with an initial sales capacity of 2 BCF (70 million cubic
meters) by the end of the first year of operations. This is expected to
rise to 6 BCF (211 million cubic meters) annually thereafter, as all
facilities/ stations come on line. Green Dragon Gas expects to be able
to repeat this expansion in the downstream footprint in line with the
upstream production growth.
To facilitate the growth in gas
sales, the group has completed the facility upgrade at its Shizhuang
South production block. This facility will be the primary source of gas
for distribution to these refuelling stations via the company's fleet
of trucks, as well as the source for the company's own power
generation.
Green Dragon Gas's technology and manufacturing
division is expected to be the supplier of the dispensing and ancillary
equipment for these stations.
The company's midstream
operations in Zhengzhou will complement gas supplies to the refuelling
station network as its own production levels are increased in line with
the stated objectives. An additional production facility is planned
next year to meet the growing levels of production and demand.
Chairman
and founder Randeep Grewal commented: "Green Dragon Gas has a clear
vision and strategy to build a significant China CBM upstream business
complemented by a substantial gas retail network in China. Henan
province is currently registering gas prices at refuelling stations in
the region of US$13 to US$15 per Mcf. Capturing the additional value
by selling directly to the consumer is earnings accretive and the
cornerstone of the Company's vertically integrated strategy.”
Green Dragon is involved in the production of coal bed methane gas and the distribution and sale of wholesale gas in China.
