HK Listed China Oil Gangran Eyes LNG Fueling Market in China

Hong Kong-listed China Oil Gangran Energy Group, previously known as Fairson Holdings Limited, plans to focus on utilization of LNG by the waterborne transportation industry.

In 2013, the Group formed a joint venture (JV) company, namely Jiangxi China Oil Gangran Energy Technology Company Limited, with Jiangxi Zhongyou Yingtai Natural Gas Limited Liability Company and Zhongwaijian Engineering Construction Limited.

It plans to exploit opportunities arising out of the China’s “12th Five-Year Plan” for the natural gas industry. China’s Ministry of Finance and Ministry of Transport have jointly issued Inland Ship Standardized Subsidy Fund Management Approach in April 2014, which states the subsidy criteria for newly-built LNG-powered demonstration vessels and is seen as strong support for natural gas fuel utilization on vessels.

The JV company owns patented LNG conversion technology for vessels, targeting diesel-powered vessels in Jiangxi province’s market.