The company has acquired all of the assets of Andong gas station for a total consideration of $6.4m and will be operated under a 20-year lease. The gas station distributes both gasoline and diesel, which includes blended biodiesel.
The company has acquired all of the assets of Jindou gas station for a total consideration of $2.6m and will be operated under a 10-year lease. The gas station distributes both gasoline and diesel, which includes blended biodiesel.
The company has acquired all of the assets and 40-year land use rights of Xianyang Jinzheng gas station for a total consideration of $10m. The gas station distributes both gasoline and diesel, which includes blended biodiesel. Xianyang Jinzheng gas station is newly built and does not have previous operation history.
Gao Xincheng, CEO of China Integrated Energy, said: “We are pleased to complete these acquisitions, which brings our total number of operating gas stations to ten in Shaanxi province. We are also pleased to have achieved our year-end 2009 retail acquisition target as we build on being one of the leading vertically integrated energy companies in China.
“As part of our growth strategy, we plan to lease an additional five to seven gas stations in the next 12 months, which will provide incremental revenues and profitability.”
