Fortune Oil gets ready for China gas sales
Fortune Oil, the China-focused resources firm, has signed a contract for a gas gathering system to connect its Liulin coal bed methane field in Shanxi Province to an existing wholesale station.
Fortune Oil, the China-focused resources firm, has signed a contract for a gas gathering system to connect its Liulin coal bed methane field in Shanxi Province to an existing wholesale station.
The development should mean sales of the gas could start sometime next year.
Fortune says gas rates at Liulin are increasing, currently standing at 28,000 cubed metres per day.
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
Tee Kiam Poon, Chief Executive of Fortune Oil, said: "We are pleased with the progress we continue to make in 2012 at Liulin especially as we are seeing gas flow at commercial levels from our horizontal wells.
"The decision to move to the construction phase has now been taken with our goal to achieve commercial gas sales in 2013. Our achievements at Liulin continue to position the company as a significant developer of unconventional gas, in line with China's natural gas strategy, and pave the way for commercial gas sales and a new source of revenue for the Company."
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
5 ways your boss can help boost your pension
Workplaces have a huge opportunity to make employees more aware of their pension options throughout their career – here’s how your employer can help boost your pot to help give you a more comfortable retirement
-
Car finance compensation: FCA warns drivers against using rip off claims firms for share of £18bn
The FCA estimates most eligible motorists will receive around £950 in compensation per agreement – and said they won’t need a claims management company or law firm to access a redress scheme