Asia/Pacific News
Hong Kong Energy Company in New China LNG Focus
A Hong Kong-based energy company says it is changing its name from Fairson Holdings Ltd. to China Oil Gangran Energy Group Holdings Ltd. (China Oil Gangran) to reflect its increased focus on the development of natural gas and clean energy business, including liquefied natural gas (LNG)-powered vessels, in China.
Executive Director Ho Chun Kit Gregory said the company will develop waterborne LNG technologies in line with the Chinese government's five-year plan for the natural gas industry.
China Oil Gangran is part of a joint venture, Jiangxi China Oil Gangran Energy Technology Company Ltd., that owns patented technology for the conversion of vessels to LNG bunkers, resulting in a savings of 15 percent of fuel costs, a 70 percent reduction in emissions of nitrogen oxides (NOx), and longer engine life.
The company will market the technology to diesel-powered vessels in Jiangxi Province.
Interest in LNG has been on the rise in China, generally and for marine fuel in particular, as the nation seeks to satisfy its growing energy demands without a huge increase in pollution.
