Main Web Site : http://www.fortune-oil.com/

CBM Partner Web site : http://www.molopo.com.au

IC Write Up : 21st Apr 2006 IC Write Up

Last Major News : 18th Apr 2006 Coal Bed Methane Project

Prelims : 27th Apr 2006 Prelim Results Link

Latest Broker Forecasts : Oriel 7th April 2006 BUY

Prelim Results and Further Updates due around 25th to 27th April 06

ABOUT FORTUNE OIL

For over a decade Fortune Oil PLC has focused on investments and operations in oil & gas infrastructure projects in China and remains one of the few overseas companies operating oil terminals and supplying natural gas in China, all in partnership with the countrys largest oil & gas companies
Fortune Oil PLC is incorporated in England and Wales and is subject to UK Listing Rules and compliance regulations. The largest shareholders are First Level Holdings Limited, Vitol and major Chinese state-owned corporations.

NATURAL GAS :




China will be the world's largest growth market for natural gas as supplies of this clean and economically attractive fuel become more accessible. Fortune Oil's investments in natural gas are principally through Fu Hua, a joint venture with a PetroChina affiliate, which on-sells gas from the pipelines supplying Beijing. In north China Fortune Oil controls and operates distribution pipelines and city gas reticulation systems as well as facilities to produce and transport Compressed Natural Gas (CNG).
Fortune Oil is now one of the leading providers of CNG in Beijing, providing clean fuel for buses, households and factories. In October 2004 Fortune Oil also became the first overseas company to supply LNG (Liquefied Natural Gas) to users in China, delivering LNG by road to the ancient city of Qufu, the home of Chinese philosophy.

OIL TERMINALS :
Maoming SPM

Fortune Oil established the Maoming Single Point Mooring (SPM) in December 1994 to supply crude oil to Sinopecs Maoming refinery, the largest in southern China. The SPM now delivers 10% of Chinas crude oil imports. It allows VLCCs (Very Large Crude Carriers) of up to 280,000 tonnes to moor and deliver crude oil via a 15 km sub-sea pipeline. The SPM is owned and operated by a joint venture company, Maoming King Ming Petroleum Company Limited, and the other main shareholder is Sinopec Maoming Petrochemical Corporation.
The SPM buoy is commonly used throughout the world for loading and unloading liquids but the Maoming SPM remains the only buoy system in China used for importing crude oil. Fortune Oil believes that the SPM concept is a cost-effective solution for importing crude oil into China as many ports are shallow and will become more congested as demand increases. The only alternative to a buoy system in many ports is to dredge channels for large tankers. The SPM has provided significant cost savings to the Maoming refinery through its low operating costs and VLCC capability.

Products Terminals

The oil products market in China is in the process of deregulation and this will allow a larger role for foreign companies in the import and distribution of refined products. Fortune Oil remains one of the few foreign companies with interests in products terminals.
Fortune Oil and Vitol jointly developed the West Zhuhai Oil Products Terminal at the western entrance of the Pearl River Delta. These facilities came on stream in 1998 and comprise 240,000 cubic metres storage and jetties for receiving and distributing refined products. It is one of the few products terminals in south China able to handle 80,000 dwt ocean-going tankers. A controlling stake was sold to PetroChina which uses the terminal for supply of diesel to south China.
In addition Fortune Oil controls a LPG terminal and supply business (Fu Duo), which has 80,000 customers in Zhanjiang city, and owns storage facilities in Shantou. Prior to the restructuring of the China oil industry in the late 1990s, Fortune Oil was also a major participant in the gasoline retail market and in oil trading. We continue to operate two gasoline stations in Beijing but our trading activities are limited to low-risk domestic trading.

Blue Sky Aviation Oil

The South China Bluesky Aviation Oil Company owns and operates the refuelling infrastructure at 15 airports in south China. These include Wuhan, Guilin and the new Guangzhou Baiyun International Airport. Fortune Oil and BP each hold 24.5% of the joint venture and Beijing-based China Aviation Oil Supply Corporation (CAOSC) holds 51%. The consumption of jet fuel in China is rising significantly, particularly at Guangzhou because of pent-up demand in the Pearl River Delta.
The new Guangzhou airport was opened in August 2004. The construction cost was US$2.3 billion and it is almost four times the size of the old airport in downtown Guangzhou. The new airport is capable of handling 25 million passengers and 1 million tonnes of cargo per year and ranks number three for aviation fuel sales in mainland China.

JP Morgan said the market is positive on the appointment of Liu Minghui as the Executive Chairman , Managing Director, President and Executive Director of CHINA GAS HOLD (00384.HK). Meanwhile, Chen Xinguo has been appointed as the Executive Director of Beijing Gas under the Beijing Enterprises.

JP Morgan believes CHINA GAS HOLD management's negotiations with Sinopec on LPG and CNG / LNG refueling stations are near the end. Undecided projects may relate to new share issue.

I think we have all given up by now....:)

CHINA GAS HOLD (00384.HK), Taiwan banks sign US$450M 3-yr syndicated loan agreement


2013-04-29 16:51:19







CHINA GAS HOLD (00384.HK) announced that it has signed a US$450 million three-year syndicated loan agreement today in Taipei with 23 banks from Taiwan. The proceeds will be used for gas project development of the Group in Mainland China.

This syndicated loan provided by 23 banks and financial institutions from Taiwan makes China Gas one of the first listed companies to gain the strong support from the Taiwan banking sector since Taiwan relaxed its regulations on loans to individuals and institutions in Mainland China by Taiwan-based banks in September 2011.

The loan was led by Nomura Securities International, Inc., as Facility Structure Advisor, with Bank of Taiwan as the Facility Agent, and supported by 23 leading banks including PingAn Bank, Bank SinoPac, Taishin Bank and Taiwan Cooperative Bank. The loan enjoyed 2.5 times oversubscription from the participating banks. In view of the overwhelming market response, the facility has been increased from the initially proposed US$250 million to US$450 million.



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China Gas Holdings up 4.7% today @ HK$ 8.010.

China Gas Holdings up 4.7% today @ HK$ 8.010.

Yes, and large trades in FTO

Yes..and all going through as sells @ 8p...when the bid is sitting @7.81p...all morning
Even after we have just ticked up over 2%
Whats going on here???

8.30p is resistance at the moment...
CGH trading well....still above HK$8.....deal with Sinopec not far away now...

Investors should realise its true value sometimes soon.

I agree...
However, I don't feel that will be until they get approval from MOFCOM and actually have the first part of the cash in their hands...
We await..

£400,000 BUY JUST GONE THROUGH 10.16AM BROUGHT AT 8.00P

THE BIG FISH ARE FINALLY HERE !

Its about time!
I am sure it will be worth the wait.
I have been buying circa 8p.
We wont be at this level much longer.

It looks out of place that order...
Order book never even flinched...so might just be a delayed publication trade....

L&G now hold below 3% so no more notifications from them as to their selling.....
Also Investor Chronicle gave a bit of write up on recent results...

The 2012 full-year results for Fortune Oil (FTO)
reflect a mixed operating performance for the China-focused energy investor, but the most significant strategic development is this year's sale of Fortune's Natural Gas business to China Gas Holdings (CGH).

Revenues were up by a modest 2 per cent at Fortune's Oil trading business, but the top-line at Natural Gas and Bluesky (aviation) businesses increased by 30 per cent and 23 per cent, respectively. Group operating profits rose by 4 per cent to £28.5m, although the group registered an 18 per cent fall at the operating level without the contribution of the Natural Gas segment. Shareholders had to contend with a reduced full-year dividend due to an overall fall in net profits, which were hit by a £2.26m increase in taxes and finance costs.

Subject to regulatory approval, Fortune will initially receive $170m (£112m) in cash from CGH for its Natural Gas business, with another $170m payable in either cash or shares within a year. If, as expected, Fortune opts for the latter, it will increase its overall stake in CGH to around 22 per cent. The deal with CGH will bolster Fortune's balance sheet, while expanding market access for its existing Natural Gas business to over 200 cities across China.

Oriel Securities estimates that Fortune is trading at a 10 per cent discount to net cash (post completion of the GCH deal).

IC VIEW:

The $340m consideration for the CGH deal - minus net debt - gives Fortune a value of 9p a share But the group will still accrue investment income from its CGH stake, while the remaining businesses still contributed £9m of net profits last year. Buy.

Better than expected

Good figures.
We are in the blue.

We just need for positive news flow out of Asia...like MOFCOM approval...or do we go through the whole long stop moving out business again..:)
There are quite a lot of positives building into the system........

L&G once held below 3% in the past, so maybe they are now happy to hold at this level and are finished selling...I suppose we shall see in the coming week, as I suspect the sp will attempt to move above 9p in the short term.

China Gas Holdings: Postive profit alert,estimates earnings to grow 64%.

China Gas Holdings SP up 6%.