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China : Andatee to purchase 52% equity of Hailong Petrochemical.

Andatee China Marine Fuel Services, an independent company engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China, has signed an equity purchase agreement to acquire 52% equity of Hailong Petrochemical, a China-based company engaged in retail and wholesale of fuel oil and petrochemical products.

Under the terms of the agreement, Andatee will acquire 52% of Hailong's equity for a cash payment of RMB3.64 million ($0.54 million). The company will cooperate with Hailong on business development

in the local market and provide capital for Hailong's expansion which will include four 1,000 cubic meter oil storage tanks, five storage tanks for raw materials with a total volume of 1,500 cubic meters, and 300 square meter plant used for slurry oil filtration.

An Fengbin, chairman, president and CEO of Andatee China Marine Fuel Services, said: "Our expansion to Tianjin in cooperation with Hailong marks another important milestone for Andatee. Tianjin is one of the busiest ports in China and we believe expanding our footprint to this area increases our visibility and market opportunity to provide high grade marine fuel to fishing vessels as well as small and medium sized cargo vessels."

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Date:Jul 27, 2010
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