New Times Energy, China Petroleum Pipeline Bureau Sign Cooperation Deal

New Times Energy Corporation Limited has signed a strategic partnership agreement with China Petroleum Pipeline Bureau (CPP) to jointly develop China and overseas oil and gas business, a company statement said.

According to the agreement, New Times Energy will cooperate with CCP to promote the application of Liquefied Natural Gas (LNG) in China. The agreement highlights cooperation in fuel gas supply for transportation, household fuel gas supply, industrial fuel gas supply as well as LNG storage and logistics. New Times Energy will also cooperate with CPP in the construction of LNG stations, the promotion of distributed energy projects with the aim to strengthen the distribution and processing of LNG stations from design to operation stages in China. The Group expects to establish joint ventures with CPP to engage in the deployment of LNG stations and related facilities.

New Times Energy will receive support from CPP in oil and gas pipeline construction, installation of gas processing facility, performing geological exploration, above ground oil service, engineering design and construction. In overseas, both parties will join together to explore cooperation in the development of oil and natural gas projects in South America, North America and other regions in such areas as exploration, exploitation, processing and related businesses in the industry chain, the statement said.