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Fortune Oil

Fortune Oil has a unique portfolio of oil and gas supply infrastructure in China. The Company is now developing coal bed methane reserves which will ultimately integrate with our gas supply business and benefit China's environment.

See more information about Fortune Oil

Fortune Oil posts 1H revenues up 27pct, gas distribution profit rises 73 pct

2009-08-27 by Proactive Investors China

Fortune Oil posted an increase in revenues of 27 percent year-on-year to £184m, a 13 percent increase in profits to£7.3m and £3m cash in the bank. It also announced the recent appointment of a new Business Development Director, Mr. Tee Kiam Poon, who instigated many of BP's major projects in China.

The company's gas distribution operation revenues increased 45 percent with operating profit jumping 73 percent year-on-year to £4m making it the largest contributor to profit.

The Liulin coal bed methane (CBM) block in Shanxi Province, in which Fortune Oil now controls a 73.9 percent share, has now produced sufficient gas to apply for reserves certification for the northern section. Actual sales are now planned to commence in 2010 as a unique state pilot project.

Although volume sales of jet fuel at aviation fuel subsidiary Bluesky rose 13 per cent to 1 million tonnes, earnings were impacted by government pricing policy which only stabilised in May. Bluesky's profit contribution is therefore expected to increase significantly in the second half.