Asia/Pacific News
NewOcean Gets Hong Kong Ultra-Low Sulfur Diesel Contract
NewOcean Energy Holdings Limited (NewOcean) [00342.HK] says it has received a contract from the government of Hong Kong in collaboration with Shell Hong Kong Limited to deliver at least 12 million litres of ultra-low sulfur diesel for two years.
The contract, which starts in mid-January, also includes providing comprehensive ancillary services to government-owned vessels.
"We are pleased to secure the contract, which is a recognition from the HKSAR Government and industry leaders of our outstanding qualifications and capabilities in conducting marine bunkering business in Hong Kong," said Managing Director Lawrence Shum.
"This success also underscores the progress of our marine bunkering business, which commenced operation since May last year.
"The construction of our oil depot in Zhuhai will soon be completed and we therefore look forward to achieving greater development of our oil products business."
NewOcean began bunker station services in Hong Kong in May 2012 and plans to open an oil storage facility in Zhuhai, China in early 2013, according to its annual presentation.
The company, which reported gross profits of HK544.9 million ($70.3 million) in the first half of 2012, also operates 16 liquefied petroleum gas (LPG) bottling plants, as well as some retail outlets, in southern China.
