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Longwei Petroleum Announces $186 Million in Annual Contracts
6:55a ET February 1, 2011 (PR NewsWire)
Longwei Petroleum Investment Holding Ltd. (NYSE Amex: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced that during the month of January it has renewed annual contracts with fifteen customers for 186,000 metric tons ("mt") of diesel, gasoline, and solvents. The estimated value of these contracts based on current pricing is in excess of $186 million, which is in line with the Company's annual sales forecast of $500 million for fiscal year ending June 30, 2011.
"We are very happy to renew these contracts with our customers prior to the Chinese New Year, and it reinforces that our customers view Longwei as a trusted supply partner," said Cai Yongjun, President and CEO of Longwei. "The value of our customer contracts adjusts to reflect the current pricing level at the time of delivery, and we anticipate that these contracts may be worth even more if oil hits $100 per barrel as forecasted by Goldman Sachs."
The National Development and Reform Commission ("NDRC"), China's top economic planner, adjusted both gasoline and diesel prices up approximately 3% in October 2010 and 4% in December 2010. The Company anticipates a similar price increase from the NDRC after the Chinese New Year to reflect the global price increases over the past quarter.
"The demand for petroleum products continues to grow," said Michael Toups, CFO of Longwei. "We want to be well-positioned to take advantage of opportunities in our region to expand our capacity and reach. Our last acquisition has proven to be very successful, and we want to further expand our distribution base to support this growing demand."
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company is 1 of 3 licensed intermediaries in Taiyuan and the sole licensed intermediary in Gujiao that operates its own large scale storage tanks. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com. You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at firstname.lastname@example.org.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about Longwei's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Longwei's operations are conducted in the PRC and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
RedChip Companies, Inc.
Tel: +1-800-733-2447 Ext. 110
Jing Zhang, Chief Representative
RedChip Companies Beijing Office
Tel: +86 10-8591-0635
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