New Times Energy, CNPC to Develop Integrated Natural Gas Utilization Projects in Guizhou

New Times Energy Corporation announced Wednesday it has established a joint venture (JV), named Liupanshui PetroChina Kunlun Gas Co. Ltd , with China National Petroleum Corporation (CNPC) to jointly develop integrated natural gas utilization projects in Liupanshui city in the Guizhou province of China.

New Times Energy holds 40% stake in the JV while CNPC holds the remaining 60%.

“CNPC will bring in advanced technology, management expertise and market intelligence to the JV by tapping into its network of resources, capital, technology, distribution and brand reputation in the natural gas market. New Times Energy's subsidiary, Guizhou Kunyu Trading Co. Ltd. will leverage its extensive experience with natural gas projects and its incumbent position in the Liupanshui market to assist in the development of Compressed Natural Gas (CNG) stations. The JV is primarily focused on investments in CNG and related products, including natural gas supply to vehicles and for industrial, commercial and residential use; conversion of vehicles to LNG vehicles; and sales of refined oil for vehicles,” New Times Energy said in a statement.

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