HONG KONG, Feb. 1, 2013 /PRNewswire/ -- Kunlun Energy Company Limited ("Kunlun Energy" or "the Company"; HKEx stock code: 0135), an international energy company controlled by PetroChina Company Limited ("CNPC"; HKEx stock code: 0857), announced that the Company, which has served as a natural gas business platform developed by CNPC, will continue to focus on the development of the liquefied natural gas ("LNG") business and the implementation of the "Gas in Substitution of Oil" strategy. With the objective of promoting efficiency and effectiveness, the Company will expedite its development in the LNG market and will strive to be a pioneer in the development of "Gas in Substitution of Oil" in China's LNG industry.
In 2012, with its philosophy of "Low-Carbon Economy; Green Development", Kunlun Energy achieved wide recognition in the capital market. The Company was listed in "The Platts Top 250 Global Energy Company Rankings 2012" announced in Singapore, ranking second among the fastest-growing energy companies in Asia.
Meanwhile, with its technological innovation and meticulous management, Kunlun Energy improved its production capacity, reduced costs, and enhanced its efficiency, leading to strong progress in its work towards implementing "Gas in Substitution of Oil". The Ansai LNG processing plant in Shaanxi is currently the largest single unit natural gas liquefaction project in China. The Taian and Huanggang LNG projects have commenced construction and become the leading localized LNG equipment. The Wuyin line (from Wuhai, Inner Mongolia to Yinchuan, Ningxia), the world's longest hydrogen-rich coke oven gas pipeline, is in operation and has become the new benchmark in the integrated natural gas business. In addition, the Company actively promotes the use of LNG as a fuel for urban public transport, heavy duty trucks and vessels. The modification of vehicles is supported by government policies in a number of regions. The LNG demonstration projects for urban public transport have been well-received in many cities, including Beijing and Chongqing. Also, a significant breakthrough was achieved in promotional work for the application of LNG as a fuel in vessels.
Last year, Kunlun Energy increased its daily LNG production capacity by 3.15 million cubic meters/day to a cumulative capacity of 4.53 million cubic meters/day. During the year, Kunlun Energy developed more than 28,000 LNG-powered vehicles, 15 LNG-powered vessels, 48 natural gas drillers, and 227 new gas refilling stations, showing the stable improvement in the Company's operational efficiency as well as the enhancement of its overall competency.
In tandem with trends in energy development, "Gas in Substitution of Oil" has been recognized as the most effective clean energy solution in China. "Gas in Substitution of Oil" not only helps to optimize the structure of energy consumption in China, but also translates into significant reductions in harmful emissions and mitigates environmental pollution. The launch of relevant supportive policies by the government creates substantial room for the utilization of natural gas and for Kunlun Energy in developing its "Gas in Substitution of Oil" business.
Looking forward, Kunlun Energy will implement four major initiatives, including technological innovation, collaboration, talent cultivation, and managerial improvement to promote its business development and to contribute to the development of a green economy in China.
About the Kunlun Energy Company Limited
Kunlun Energy Company Limited ("Kunlun Energy" or "the Company") is mainly engaged in the exploration and development of oil and gas fields and the end-user sale and application of natural gas. It carries out exploration and development of oil and gas fields in mainland China, Kazakhstan, Oman, Peru, Thailand, Azerbaijan and Indonesia, and engages in the end-user sale and application of natural gas primarily in mainland China. While maintaining the stable operation of its existing exploration and development activities, Kunlun Energy actively promotes the swift development of the end-user sale and application of natural gas, focuses on the development of the liquefied natural gas ("LNG") business and implements the "Gas in Substitution of Oil" strategy in its efforts to explore the high-end market for the application of natural gas. The Company officially changed its name from "CNPC (Hong Kong) Limited" to "Kunlun Energy Company Limited" on 22 March 2010. Listed on the main board of the Hong Kong Stock Exchange, Kunlun Energy is one of the constituent stocks of the Hang Seng Index.
For queries, please contact Hill+Knowlton Strategies Asia:
Candy Chan
Tel: +852-2894-6246
Email: candy.chan@hkstrategies.com
