TORONTO, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Changfeng Energy Inc., (TSXV: CFY) (“Changfeng” or the “Company”) an energy provider in China, is pleased to announce that Sanya Changfeng Clean Energy Co. Ltd. (“Sanya Changfeng Clean Energy”), a wholly owned subsidiary of Changfeng has entered into a liquefied natural gas (“LNG”) supply agreement with a brick manufacturer in Wenchang City, Hainan Province, People’s Republic of China (“PRC”), marking Changfeng’s first step into business outside of Sanya City on Hainan island. The agreement outlines the supply of LNG to the manufacturer for a duration of 10 years beginning from October 1, 2018 to September 30, 2028 at a price of RMB3.30/Nm3 (according to the agreement, an increase of LNG prices from the upstream supplier will warrant a price adjustment). The brick manufacturer is estimated to consume 1,270,000 Nm3 of natural gas per annum.
Sanya Changfeng Clean Energy has also entered into an LNG supply agreement with a rubber manufacturer in Wenchang City, Hainan, PRC. The agreement outlines the supply of LNG to the manufacturer for a duration of 10 years beginning from August 8, 2018 to August 7, 2028 at a price of RMB3.20/Nm3 (according to the agreement, an increase of LNG prices from the upstream supplier will warrant a price adjustment). The rubber manufacturer is expected to consume 500,000 Nm3 of LNG per annum.
With the government’s policy to turn Hainan island into a free trade port and a role model to low carbon economy, the Company is hoping the development will increase the opportunity for natural gas consumption.
About Changfeng Energy Inc.
Changfeng Energy Inc. is a Canadian public company currently traded on the Toronto Venture Exchange (“TSX-V”) under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. Changfeng strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. In 2009, Changfeng was recognized as being one of China’s the Top Ten Most Influential Brands in the Natural Gas Industry.
Contact Information
Corporate Investment Relations
Investor.relations@changfengenergy.cn
Ann Siyin Lin
VP, Corporate Development
ann.lin@changfengenergy.cn
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