LETH - News: Financial News USA: Boots & Coots Posts Profit and Chinese Pipeline Elusive
Aug 08, 2003 (M2 PRESSWIRE via COMTEX) -- City of Industry, CA -- Life Energy & Technology Holdings, Inc. (OTCBB: LETH; Deutsche Borse DE: LFT) ("Life Energy") announced today it has exchanged an agreement with Diamond Ridge Advisors, Inc., a private North Carolina Company, for a $9,839,871 equity investment in the Company, and a loan agreement to fund the manufacture of Biosphere Processing Units in the United Sates. A Schedule 13D (Rule 13d-101) will be submitted to the SEC by Diamond Ridge to record the transaction.
Boots & Coots International Well Control Inc. (AMEX: WEL) on Friday posted a second-quarter profit, in contrast to a year-ago loss, as contract work in Iraq helped to double revenue. The Houston-based company, which specializes in fighting oil well fires, reported net income of $1.85 million, or 2 cents a share, compared with a net loss of $7.16 million, or 19 cents a share, a year earlier.
In July 2002, foreign oil majors struck a framework deal with China to help build a giant pipeline which would bring natural gas from the country's remote west to the booming energy-hungry region around Shanghai. More than a year later, a final contract on the more than $8 billion project remains elusive amid concerns the high price of the gas will scare away potential customers, analysts said. Chinese oil giant PetroChina (NYSE: PTR, quote, news, chart) has already laid much of the pipe, which will link gas fields in the Tarim Basin in the Xinjiang region and the Ordos Basin in Shaanxi province to the energy-thirsty east coast. Under the framework agreement, PetroChina will hold half of the project while Royal Dutch/Shell (Amsterdam: RD.AS; London: SHEL.L), along with ExxonMobil (NYSE: XOM, quote, news, chart) and Russia's Gazprom (GAZP.MO) will each hold 15 percent. Chinese refiner Sinopec Corp (HKSE: 0386.HK) will take five percent.
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