Fortune Oil PLC Regulatory Approval For New SPM (0545U)
November 27 2013 - 5:30AM
UK Regulatory
TIDMFTO
RNS Number : 0545U
Fortune Oil PLC
27 November 2013
27 November 2013
Fortune Oil PLC
("Fortune Oil" or the "Company")
Regulatory Approvals Obtained on New Joint Venture of
Maoming Single Point Mooring ("SPM")
As described in the Company's Q3 2013 Interim Management
Statement released on 19 November 2013, Fortune Oil is pleased to
announce that the final approvals from the relevant regulatory
agencies in the People's Republic of China (the "PRC") for the new
SPM joint venture between Fortune Oil and Sinopec have been
obtained.
The Company had an interest in a crude oil import terminal in
the PRC which supplied around 4% of the PRC's crude oil imports in
2012. The import terminal allows very large crude oil carriers of
up to 300,000 dwt to moor and deliver crude oil via a 15 kilometre
sub-sea pipeline. The previous joint venture arrangement between
the Company and Sinopec in connection with the import terminal
expired in February 2013.
After months of negotiations, Fortune Oil has entered into a new
joint venture agreement with Sinopec in respect of the SPM. Under
the new shareholding structure, the shareholding interest in the
SPM of the Company is 33% and, accordingly, it no longer holds a
controlling equity stake in the joint venture. Nonetheless, the
scope of the new joint venture has been expanded with the potential
development of a new pipeline and buoy. The term of the new joint
venture is 20 years.
For further information please contact:
Fortune Oil PLC
Tee Kiam Poon - Chief Executive Tel: (+852) 2583 3125
Bill Mok - Chief Financial Officer Tel: (+852) 2583 3120
Pelham Bell Pottinger
Archie Berens Tel: (+44/0) 7802 442486
Background on Fortune Oil
Fortune Oil is a leading independent energy company engaged in
the investment and operations of oil and natural gas supply
projects in the PRC. Fortune Oil has acquired a unique portfolio of
high quality oil and natural gas projects across the country and
has formed a strong partnership with domestic and international
market leaders. Fortune Oil is listed on the Main Market of the
London Stock Exchange with its operational headquarters in Hong
Kong.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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