China Gas secures loan for natural gas stations

China Gas Holdings Limited has entered into a long-term loan facility of up to US$450 million with the Asian Development Bank (ADB).

This is the third loan secured with ADB after China Gas’ previous financing facilities in 2006 and 2010, and is indicative of the bank’s full support for the company in its effort to expand its clean city gas business.

Natural gas stations

China Gas will use the proceeds of the loan agreement to develop its gas refuelling station projects for vehicles and vessels, including the construction of CNG and LNG stations in China.

To date, China Gas has built over 450 refuelling gas stations for vehicles and vessels across China, with more than 1000 such stations expected to be constructed by 2017.

Comments

Zhou Si, Chairman of China Gas, commented: “The Asian Development Bank has rendered support to the development of China Gas over many years, not only for capital and to aid corporate governance, but also providing valuable opinions and recommendations for enhancing our environmental protection measures and fulfilling our corporate social responsibility.

“We will continue our priority on environmental protection and our commitment to improving the social environment and capture the opportunities presented by supportive national policies such as ‘oil-to-gas’ and haze prevention and control in order to constantly drive the reform of industry and development of clean energy in China.”

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/small-scale-lng/23122014/china-gas-secures-loan-for-lng-stations-2003/