Beijing Luyuanda to buy LNG from Anhui Power

Beijing Gas Lu Yuan Da Clean Fuel Company Limited (Beijing Luyuanda) and Anhui Power Energy have entered into a Master Agreement on the sale of liquefied natural gas (LNG).

Beijing Luyuanda conditionally agrees to purchase LNG from Anhui Power for a term of three years from 1 January 2017 to 31 December 2019.

The Annual Caps for the Master Agreement for the years ending 31 December 2017, 2018 and 2019 is set out as RMB150 million (USD 21.77 million), RMB165 million (USD 23.95 million) and RMB180 million (USD 26.13 million) respectively, states a company release.

Beijing Luyuanda, an associate of Beijing Gas Company Limited, operates gas stations and sells LNG in China, while Anhui Power Energy, an indirect wholly-owned subsidiary of Blue Sky Power Holdings Limited, primarily sells natural gas and other related products.

“The sale of LNG by Anhui Power Energy to Beijing Luyuanda will strengthen the existing business of the Group in the sales of natural gas and increase the revenue of the Group. (Blue Sky Power) will continue to explore and identify more synergistic opportunities with Beijing Gas, in terms of co-investments and cooperation in both project and regional levels,” said Tommy Cheng, Co-Chairman and Executive Director of the Blue Sky Power Holdings and its subsidiaries.

Beijing Gas has become the single largest shareholder of Blue Sky Power and its subsidiaries since May 2016, and a proposal has been made by the board to change the name ‘‘Blue Sky Power Holdings Limited’’ to ‘‘Beijing Gas Blue Sky Holdings Limited.”

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