Longwei Petroleum acquires Huajie petroleum facility

Longwei, an energy company engaged in the storage and distribution of petroleum products in China, has acquired the assets of Huajie for a total purchase price of RMB700 million (US$110.6 million). The Huajie facility is a fuel storage depot in northern Shanxi Province with a 100,000 metric ton capacity.
Cai Yongjun, chairman and chief executive officer (CEO) of Longwei said, “This acquisition nearly doubles our storage capacity to a total of 220,000 metric tons and extends our reach into the fast-growing industrial area of northern Shanxi Province. Our distribution model has proven successful, and we will continue to build upon our strong foundation.”
The company reported total assets of US$342.3 million and a book value per share of US$3.31 at year-end June 30, 2012. For the same period, reported revenues amounted to US$510.6 million and net income was US$65.1 million. (September 27, 2012)