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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 gas sales up 44%

2009-05-19 by Proactive Investors

China-focused Fortune Oil PLC (LSE: FTO) said sales of natural gas continue to grow strongly, with 117 million cubic metres sold in the first quarter, an increase of 44 percent compared to the same period a year earlier.

In an interim management statement, the company said the weakness of the global export markets remains weak, which continues to reduce demand for energy in China's manufacturing sector. However, the demand for clean energy remains strong and Fortune's gas sales are on the whole still limited by infrastructure and supply availability rather than by demand.

Although sales to industrial users continue to be impacted by the manufacturing downturn, the gas operations have benefited from the diverse revenue base.

Fortune’s cash balance exceeds the outstanding group bank loan balances and it envisages no difficulties in meeting both current loan repayment obligations and investment commitment, it added.