Shares in China-focused oil and gas group Fortune Oil jumped on Friday after the firm said it intends to build a liquefied natural gas (LNG) production plant in Xinyang.
Fortune will invest £20m and will take full ownership in the plant, which will liquefy natural gas supplied from the Xinyang Fortune Gas Co gas pipeline and deliver it to storage tanks via specialised road tankers.
"For Fortune Oil, this development represents a significant step forward in developing a fully integrated LNG business in China, broadening the company's unique technical expertise in linking upstream gas resources to downstream end-users," the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Meanwhile, the group also agreed, with its partner for the Yangtze River Ship LNG Refuelling project, to install refuelling stations at their existing docks yards to refuel the first fleet of eighty ships which are currently under construction.
"Together with our shipping partner we are making rapid progress in introducing one of the largest LNG fuelled shipping fleets in the world and the associated LNG refuelling infrastructure," said Fortune Chief Executive Tee Kiam Poon.
By 15:24, shares were trading 6.04% up at 0.57p.
BC
-
HMRC savings tax crackdown: More workers to pay tax directly from their wagesBanks and building societies will be required to obtain National Insurance numbers from savers to make it easier for HMRC to tax those who breach their personal savings allowance
-
It’s time to start backing the UK stock marketThe UK stock market has been languishing for decades. But the tide is turning and smart investors should buy in now
