26th Jan 2015 09:07
LONDON (Alliance News) - Green Dragon Gas Ltd said Monday it is targeting production of 12 billion cubic feet of gas for 2015, as it reported flat production for 2014.
The gas producer with operations in China said its gross gas production for 2014 was 8.2 billion cubic feet, flat on the previous year, with a realised gas sales price of USD18.6 per million cubic feet.
Green Dragon Gas said that industrial compressed natural gas sales had recently resumed after government restrictions put in place during its second half were lifted. However, the company said that during the period it continued to service the needs of its customers using gas purchased from third parties.
The company said the Chinese government's policies towards gas utilisation objectives and prices are not affected by the fall in crude prices. It confirmed that its realised gas prices remain stable, putting it in "a very strong position for the year ahead".
"We remain confident that Green Dragon Gas will continue to deliver value to its shareholders through this turbulent global commodity price environment," said Chairman and Founder Randeep Grewal in a statement.
Shares in Green Dragon Gas are trading down 3.1% at 400.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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