China Integrated Energy Inc. is a leading integrated energy company in China. The company is engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of thirteen retail gas stations.
The company announced today that it has signed a non-binding letter of intent to acquire all the assets of Hainan Lin Gao Chemical Company Limited. China Integrated Energy plans to build a 300,000 ton biodiesel plant at this facility in Hainan Province. The company is performing due diligence, and expects to complete the acquisition by the end of the first quarter of 2011.
China Integrated Energy will acquire all the assets of Hainan Lin Gao Chemical for $9 million in cash. The assets to be acquired include 15 acres of land, an oil storage facility with 15,000 cubic meters of storage capacity, and built-in infrastructure including power, water and waste treatment. The facility is located near a sea port, which is convenient for feedstock and biodiesel transport.
The company also continues with the construction of its new 50,000 ton biodiesel production plant. This facility is adjacent to its existing 100,000 ton biodiesel production facility in Tongchuan City, Shaanxi Province. China Integrated Energy expects to commence testing and ramp-up of the newly constructed facility this month. The company also has a 50,000 ton biodiesel plant in Chongqing City.
For more information about China Integrated Energy, please visit the company’s website at www.chinaintegratedenergy.com