BEIJING, Dec. 10 /PRNewswire-FirstCall/ - Today, after the markets closed, LandStar Inc. (LDSR) www.landstarcorp.com announced that it has signed a cooperation agreement with Beijing New Century International Leasing Company, to provide financing of RMB 2 billion Yuan (approx $290+ million USD) in respect of the continued growth of Landstar's operating subsidiary; Hubei Chuguan Industry Co. Ltd. Note: in China, a cooperation agreement is similar to a joint venture, and commits both parties to a working agreement.
Beijing New Century International Leasing Company (BNC) has been approved by the Chinese Ministry of Commerce and State Administration for Industry and Commerce and formally registered as a Sino-foreign joint venture leasing companies. BNC has two joint venture partners with which it works to fund major capital projects in China; Reid International Investment Funds Limited (United States) and China Communications Construction Corporation.
Under the terms of the cooperation agreement, BNC will provide funding for Hubei Chuguan to complete major contracts and offer lease options on the sale of its oil and gas vapor recovery systems to major clients. These include the largest players in China's oil and gas infrastructure, such as China National Petroleum Corporation and China Petroleum & Chemical Corp. (Sinopec).
Sinopec Corp. is the largest producer and distributor of chemical products in China. The Company is the third largest oil refiner in the world and is ranked # 5 in terms of ethylene capacity and # 3 in terms of number of service stations in the world.
China National Petroleum Corporation (CNPC) is a world-leading integrated international energy company with businesses covering oil and gas upstream and downstream operations, oilfield services, engineering and construction, petroleum material and equipment manufacturing and supply, capital management, finance and insurance services, new energy operations.
Hubei Chuguan Chairman, Mr. Li Congtang, noted; "This is a very important milestone for the Company, not only because of the opportunity to finance the rapid and continued growth of our sales, but for the leading edge positioning of the Company as an important part of the large-scale transformation of governance in the procurement of oil, gas oil and gas recovery projects that have been officially mandated by various levels of Government. Simply put, we have been given the financial tools to undertake large and important projects with some of China's largest companies in the oil and gas sector."
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
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