Longwei Petroleum begins operations at new Huajie plant

Longwei Petroleum Investment Holding Ltd. received its first shipment of petroleum at the new Huajie facility in early October since it began operations at its fuel storage depot. The company is engaged in the storage and distribution of finished petroleum products in China.
The new facility is located in Xingyuan Township, Fanshi County in northern Shanxi Province, and is an expansion of the company’s existing complex, which it purchased from Huajie Petroleum Co., Ltd., a fuel storage depot with a 100,000-metric-ton storage capacity, on September 26, 2012.
“The Huajie facility nearly doubles our storage capacity to a total of 220,000 metric tons and extends our reach into the fast-growing industrial region of northern Shanxi Province,” said Cai Yongjun, Chairman and Chief Executive Officer of Longwei. “We are pleased to have closed on the Huajie asset purchase using our own cash resources without dilution to our shareholders.”
Longwei Petroleum recently posted revenues amounting to US$510.6 million and net income of US $65.1 million for the fiscal year ended June 30, 2012. At the June 30, 2012 fiscal year-end, its total assets amounted to US$342.3 million, with a book value per share of US$3.31. (October 15, 2012)