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Strategies & Market Trends : Greater China Junior Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Julius Wong who wrote (1670)	8/4/2008 10:08:37 AM
From: gcrispin	Respond to of 1992

Sinoenergy Corporation Announces Retail CNG Filling Station Development Plans for Wuhan Monday August 4, 8:00 am ET BEIJING, Aug. 4 /Xinhua-PRNewswire-FirstCall/ -- Sinoenergy Corporation (Nasdaq: SNEN - News; "Sinoenergy" or the "Company"), a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment and a designer, developer and operator of retail CNG filling stations in the People's Republic of China, today announced its 2008 plans for building and opening new retail CNG filling stations in the city of Wuhan. Sinoenergy plans to open an additional 20 retail CNG filling stations in the city of Wuhan by the end of calendar year 2008. Sinoenergy currently operates 8 retail CNG filling stations in the city of Wuhan. The Company plans to have a total of 28 retail CNG filling stations operating in the city of Wuhan by the end of calendar year 2008. The Company also plans to start the construction of another 10 new retail CNG filling stations by the end of 2008 which should be completed and begin operations in 2009. Wuhan is the largest city in Central China with over 9 million population. Because of rising gasoline prices, Wuhan's demand for alternative energy is quickly growing. The use of CNG is particularly well suited to the local public transportation system, which consists of more than 6,000 public buses and 20,000 taxis. According to Wuhan city development plan, all of the mobile vehicles in city's public transportation system will be converted to be fueled with CNG by the end of 2010, reflecting a daily CNG demand of about 1,200,000 cubic meters, or the daily CNG filling capacity of 120 standard CNG filling stations. Till the end of July 2008, there were merely about 25 standard CNG filling stations in Wuhan, indicating huge potential for its CNG market development. Wuhan's Municipal Government recently declared that the construction and opening of retail CNG filling stations in Wuhan should be accelerated. Senior municipal government officials specifically requested that Wuhan government agencies speed up the process of issuing approvals to build and operate retail CNG filling stations. During a recent meeting with vice mayor and local media of Wuhan city, Sinoenergy has disclosed its plan to open totally 28 retail CNG filling stations and to deliver more than 200,000 cubic meters of CNG per day in Wuhan by the end of calendar year 2008. "We are delighted that Wuhan's senior government officials have shown their support for the rapid development of retail CNG filling stations in Wuhan," said Mr. Bo Huang, CEO of Sinoenergy. "As a leading CNG supplier and developer of retail CNG filling in Wuhan, Sinoenergy is prepared to speed up its construction and opening of new CNG stations there. Underpinned by solid support of local government and increasing market demands for CNG, we are very confident about our 2008 CNG station opening plan. We believe that additional CNG from new retail filling stations will significantly help alleviate current CNG supply and delivery concerns in Wuhan."