China LNG Group Signs Agreement with Beijing Sanxing

China LNG Group on Friday announced it has entered into a framework agreement with engineering firm Beijing Sanxing for cooperation in LNG vehicles segment in China.

As per the agreement, Beijing Sanxing would recommend China LNG Group to its customers who are willing to replace their existing fuel vehicles by LNG vehicles. Beijing Sanxing will be responsible for production of LNG vehicles and China LNG Group will provide finance leasing services to the customers of Beijing Sanxing.

China LNG will give priority to purchase the LNG special vehicles from Beijing Sanxing and Beijing Sanxing will provide preferential benefit to the company for purchasing their LNG special vehicles. China LNG will cooperate with Sinopec in the development of LNG refueling station to ensure a long-term and stable supply of LNG. China LNG and Sinopec last month signed a deal regarding this.

China LNG Group also agreed to assist Beijing Sanxing in carrying out research and development and production of LNG vehicles, with the option to provide Hong Kong capital market financing and other financial services to Beijing Sanxing upon request.

Beijing Sanxing manufactures engineering machinery such as emergency rescue equipment, national defense logistics special equipment, etc. 

China LNG Group is principally engaged in property investment and trading of securities and development of LNG businesses. Since 2013, the company is working with governments in various provinces in the China in relation to the development of the LNG businesses.