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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Andatee acquires 52% stake in fuel oil firm

Supplier aims to gain a foothold in the Tianjin bunker market with latest acquisition.



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Updated on 23 Jul 2010 14:24 GMT

Andatee China Marine Fuel Services Corporation, the leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China, has today announced that it has signed an equity purchase agreement under which Andatee is to acquire a majority stake in Hailong Petrochemical Co. Limited, a Tianjin-based company engaged in retail and wholesale of fuel oil and petrochemical products.

Under the terms of the agreement, Andatee will acquire 52 percent of Hailong's equity for a cash payment of RMB 3.64 million (approximately US$ 0.54 million).

Andatee says that it will cooperate with Hailong on business development in the local market and provide capital for Hailong's expansion, which will include four 1,000 cubic metre oil storage tanks, five storage tanks for raw materials with a total volume of 1,500 cubic metres, and a 300 square metre plant used for slurry oil filtration.

The company expects Hailong's sales volume to reach 10,000 tonnes in the remaining five months of 2010. Hailong's revenue is expected to be RMB 2.56 million (approximately US$ 0.38 million), 52 percent of which, or around RMB 1.33 million (US$ 0.20 million), will be attributable to Andatee.

Andatee also expects to increase Hailong's annual sales volume to 48,000 tonnes in 2012. The company anticipates that by 2012 revenue will reach RMB 12.8 million (US$ 1.89 million) and Andatee will earn a net income of RMB 6.66 million (US$ 0.98 million).

"Our expansion to Tianjin in cooperation with Hailong marks another important milestone for Andatee," commented Mr. An Fengbin, Chairman, President and CEO of Andatee China Marine Fuel Services Corporation. "Tianjin is one of the busiest ports in China and we believe expanding our footprint to this area increases our visibility and market opportunity to provide high grade marine fuel to fishing vessels as well as small and medium sized cargo vessels."






Related Links:

Andatee signs 10-year supply agreements
Andatee gets strong buy rating
Andatee acquires majority stake in tank storage firm
Andatee announces Q1 2010 results
Tianjin
China

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