China New Energy Group Company, a natural gas company, engages in the development, construction, and operation of natural gas distribution networks. The company also engages in the distribution of natural gas to residential, and industrial and commercial customers in small and medium sized cities in China. The company owns the rights to develop distribution networks to provide natural gas to industrial, commercial and domestic consumers in the cities of Dashiqiao, Nandaihe, Zhanhua, and Wuyuan. These distribution networks provide natural gas to an aggregate of approximately 64,000 consumers in these cities. The company has three commercial customers in Dashiqiao, which are an education center, a spa, and a restaurant, who use natural gas primarily for heating, air conditioning, steam production, and cooking. Other potential industrial customers could include owners of hotels, restaurants, office buildings, shopping centers, hospitals, educational establishments, sports and leisure facilities, and exhibition halls. Acquisitions In December 2009, the company acquired outstanding equity interest of Zhanhua Jiutai Gas Co. and Wuyuan County Zhongran Gas Ltd. Significant Events In December 2009, the company’s wholly-owned subsidiary, Tianjin SingOcean Public Utility Development Co., Ltd., completed the sale of its Tianjin Sing Ocean Public Utility Development Co., Ltd. – Acheng Division to Harbin Hengsheng Real Estate Development Co., Ltd.
china new energy group co (CNER:OTC US)
20th Floor Centre Plaza
No 188 Jiefang Road
Phone: 86 22 5829 9791
Fax: 86 22 5829 9790www.cnegc.com
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