Liquefied natural gas (LNG) distributor and importer ENN Natural Gas Co Ltd on Wednesday (10 November) said it has received a license to supply LNG as a bunker fuel, according to Reuters.
The license, which is the first in China, will enable the company to become a LNG bunker supplier at the port of Zhoushan, said Ye Dongsheng, president of ENN Singapore at a recent bunkering conference at Zhoushan.
As such, the firm will be expecting delivery of an 8,500 cubic-metre LNG bunkering vessel for supporting operations in 2022.
ENN on 20 October issued plans to purchase 90% of ENN Zhoushan held by ENN Technology, ENN Group and ENN Holdings via cash, and share issue.
The acquisition will further expand the scale of ENN’s assets and also increase the company’s business layout in the field of natural gas.
“With Zhoushan receiving terminal being the fulcrum, the acquisition will create in-depth collaboration and build an intelligent ecology of the natural gas industry to enhance competitiveness on the market,” states the company.
Since Zhoushan receiving terminal started operations at the end of 2018, its performance has grown rapidly.
In 2019, ENN Zhoushan has total assets of 5.089 billion CNY, revenue of 260 million CNY and net profit of 29.6 million CNY.
In 2020, ENN had total assets of 6 billion CNY, revenue of 906 million CNY, an increase of 248% on a year-on-year basis, and net profit of 361 million CNY, an increase of 1119% on a year-on-year basis. In the first half of 2021, its revenue has exceeded 552 million CNY, equivalent to 61% of the full year of 2020, and its net profit is 272 million CNY, equivalent to 75% of 2020.
Photo credit: ENN
Published: 12 November, 2021
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