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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 expects higher profits as LNG operations continue to expand

2009-02-03 by

Fortune Oil has said it expects overall 2008 profits to be higher than last year, after an improved net performance for most of its operations and a disposal in November.

Ahead of results for the year ended 31 December 2008, to be published in April, Fortune announced that 2008 natural gas sales were up 41 percent by volume to 354 cubic meters with sustained operating margins.

However profits from its stake in Bluesky Aviation Refuelling have dropped by about RMB37m due to oil price volatility. The government-set price of aviation fuel dropped by 32 percent on 19th December, devaluing the value of Bluesky's inventory.

Fortune's LNG subsidiary, Green Energy, expects to start commercial sales from its second liquefied natural gas (LNG) plant at Puyang in Henan Province in February, with a capacity of 55 million cubic metres per year.

There is strong demand for natural gas remains in north and central China, where sales are currently limited by infrastructure and supply.

The company reported that its coal methane subsidiary, Fortune Liulin Gas, has successfully started gas desorption and gas flow in four out of its five pilot wells in the Liulin CBM block in the Ordos basin. It is working towards having reserves certified in cooperation with its government partner China United Coalbed Methane Corporation Ltd.

Fortune also expects benefit from RMB 4 trillion thanks to the Chinese government stimulus package aimed at boosting China's domestic economy, which, it says, will increase energy consumption, in particular clean natural gas operations.

The company declared a cash balance of US$95 million and said it anticipates no difficulties meeting loan repayments or investment commitments.