Gelonghui, January 29丨Binhai Investment (02886.HK) announced that Tianjin Teda Binhai Clean Energy Group Co., Ltd. (“Tianjin Clean Energy”), a wholly-owned subsidiary of the company, and Tianjin Xintiangang Cold Rolled Plate Co., Ltd. (“Xintiangang Cold Rolled Plate Industry”) signed a “Strategic Cooperation Framework Agreement” relating to Tianjin Clean Energy's provision of gas support and natural gas supply services to Xintiangang Cold Rolled Plate Industry (“Xintiangang Cold Rolled Plate Industry Project”). Xintiangang Cold Rolled Plate Industry is a Chinese enterprise specializing in the manufacture of metal materials. It is also a subsidiary of Tianjin Xintiangang Steel Group Co., Ltd., which belongs to the Xintiangang Steel Project as disclosed in the company's previous announcement.
According to the strategic cooperation agreement, the Xintiangang Cold Rolled Plate Industry introduced Tianjin Clean Energy to supply pipeline natural gas, and promised to use Tianjin's clean energy for no less than 60% of its total gas volume every month. The gas consumption for the Xintiangang Cold Rolled Plate Industry project is expected to be about 60,000 cubic meters per day. The two sides agreed to sign a separate special agreement on specific matters relating to supporting and gas supply.
The company believes that Tianjin Clean Energy's further acquisition of Xintiangang's cold-rolled plate industry project shows the Group's determination to continuously strengthen its ability to develop industrial enterprises in the Tianjin region and consolidate the Group's determination to further enhance its brand position and influence in the natural gas market. The project will also continue to expand the Group's pipeline gas sales volume and steadily increase its sales profit.