Chinese natural gas utility Changfeng Energy Inc. (Changfeng or the company) is pleased to announce that they have entered into a natural gas purchase and sale agreement with Hainan Fuel Chemical Co., Ltd. – a subsidiary of China National Offshore Oil Corporation (CNOOC) – to purchase 6 million m3 of natural gas during the remainder of 2015 (the Additional Gas Quota).
Any unused gas supply of the Additional Gas Quota is non-cumulative and not eligible to be carried forward to 2016. The company will be billed exclusively on the actual volume of natural gas received until 31 December 2015. The Additional Gas Quota will enable the company to better supply its operation in Sanya region and to enhance its gross margin by reducing purchases of relatively expensive CNG and LNG.
Edited from source by Stephanie Roker
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