Longwei Petroleum announces US$20 million in new contracts

Longwei Petroleum Investment Holding Ltd., an energy company engaged in the storage and distribution of finished petroleum products in China, announced annual contracts with two new customers for its Gujiao petroleum storage facility representing sales of 19,000 metric tons of petroleum products. Longwei Petroleum estimates that the contracts will be worth approximately US$20.1 million based on current pricing levels. “We are very pleased with the progress and sales development of our Gujiao facility. We are on track with our plan and expect continued strong operating results for our current fiscal year,” stated Cai Yongjun, Chairman and CEO of Longwei. (December 2, 2010)