7th Oct 2008 07:00
7 October 2008
FORTUNE OIL PLC
("Fortune Oil" or "the Company")
Disposal of Fu Duo LPG Business
Fortune Oil is pleased to announce completion of the disposal of the Company's interests in Zhanjiang Fu Duo Gas Company Limited ("Fu Duo"), a liquefied petroleum gas ("LPG") distribution business in southern China. Fortune Gas Holdings Limited, which has an 80 per cent interest in Fu Duo, has been sold to South China Gas Holdings Limited for a total consideration of RMB 8.58 million (£0.7 million). Fortune Oil had begun to sell Fu Duo subsidiaries in 2006 and this final disposal will result in a small gain on Fortune Oil's income statement for 2008.
Given the Company's focus since 2003 on the development of its integrated natural gas business, which includes compressed natural gas ("CNG") and liquefied natural gas ("LNG") operations, Fu Duo's LPG activities no longer form a core part of the Company's strategy. Revenues to date from these natural gas sales continue to grow strongly, in line with expectations as detailed in the 2008 Interim Report.
Enquiries:
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Fortune Oil PLC |
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John Pexton - Deputy Chief Executive |
Tel: 00 852 2583 3113(Hong Kong) |
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Pelham Public Relations |
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Archie Berens |
Tel: 020 7743 6679 or 07802 442 486 |
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Robert Koh |
Tel: 020 3170 7444 |
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