HONG KONG (AFX-ASIA) – Xinao Gas Holdings (2688.HK) said it has won contracts to supply piped gas to four cities in the mainland provinces of Jiangsu and Zhejiang, boosting its coverage to 37 cities and 17 million mainland residents.
Xinao will own a 70% stake in the project in Jiangsu and has the right to operate for 50 years. It will own a 80% interest in one of the three projects in Zhejiang and 100% interests in the two remaining projects. All the three projects in Zhejiang will last for 30 years.
Separately, the company said it derived 191 million yuan of revenue from charges for household connections, 69.07 million yuan from sale of piped natural gas and 71.37 million yuan from sale of liquefied natural gas. (US$1=8.27 yuan).
It extended network connections to 68,821 households during the first six months, boosting the total household user base to about 279,600.
The company also added 105 new users to its industrial and commercial user base, boosting the total number of users in this category to 607.