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Honghua Enters into Natural Gas Transmission Pipeline Sales Agreement Worth Approximately HK$163 Million

soruce:manager    click:5670    time:2012-12-07

A leading global land drilling rig manufacturer - Honghua Group Ltd. (Stock Code: 196.HK) (“Honghua” or the “Group”), announced that it has entered into a natural gas transmission pipeline sales agreement (the “Agreement”) worth approximately US$21 million (approximately HK$163 million) with UNICORN EQUIPMENT ENGINEERING LLP.

According to the Agreement, Honghua will purchase three types of natural gas pipelines with particular specifications for UNICORN EQUIPMENT ENGINEERING LLP. The pipelines will be used for Line B of the China-Central Asia natural gas pipeline and are expected to be delivered from the end of this year to the beginning of next year successively.

Mr. Ren Jie, Vice President of Honghua commented, “Honghua strives to expand broader markets, while at the same time fully utilising its global sales network and customer base for preferable sales of drilling rigs and corollary equipments. The company pays close attention to diversified customer demand so as to recommend the most reasonable products and services for customers. With the planned transformation of the antiquated natural gas transmission network pipelines and the new construction of the natural gas transmission network pipelines in Central Asian countries, we expect this market to have significant potential. Leveraging on Honghua’s advanced market allocation in Central Asia and Russian markets, great brand awareness as well as prominent products and supply capacity, we believe we will firmly grasp the sustaining development in such markets, provide integrated solutions for all aspects of oil and gas field, including drilling, exploring, mining, transportation and smelting, and create greater return for shareholders.”

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