Update from the website on the PR yesterday. Notice it is from Dow Jones.
Singapore (Dow Jones) Press Release
Tuesday, January 16, 2001
DJ US Largo Vista Group Leases LPG Depots In SW China
SINGAPORE (Dow Jones)--US-based Largo Vista Group Ltd. (LGOV) has reached an
agreement with Zunyi Commercial Transportation Petroleum & LPG Co., Ltd. to lease
liquefied petroleum gas depots from the latter, Largo Vista said Tuesday.
The five-year agreement with options gives Largo full control of the LPG depot stations, a
filling workshop, railway platform bridge including pipelines, office facilities and dormitories.
The depots, with storage capacities totaling 520 cubic meters, are currently handling 3,000
metric tons of LPG a year. Largo plans to double the volume in the next two years.
The lease will cost Largo 720,000 yuan a year (US$1=CNY8.28), it said.
A unit of PetroChina Co. Ltd., Zunyi Commercial Transportation Petroleum & LPG Co. is a
major fuel supply company in Zunyi, a city in southwestern China's Guizhou province.
The company plans to arrange similar leases in Guiyang, the capital city of Guizhou.
This is Largo Vista's third LPG depot farm in China and it has with plans to assume control of
six more in strategic locations in the country, said Daniel Mendez, Largo's president, without
elaborating further.
-By xu yihe, Dow Jones Newswires; 65-421-4815; yi-he.xu@dowjones.com
(END) Dow Jones Newswires 16-01-01
0356GMT Copyright (c) 2000, Dow Jones & Company Inc |
