Longwei Petroleum is an energy company engaged in the storage and distribution of finished petroleum products in China. The company has a storage capacity of 220,000 metric tons at three locations in Shanxi Province, China. It delivers products, at competitive prices, to transportation companies, coal mining firms, power supply customers, and gas stations.
The company was recently named to the Forbes list of "Asia's 200 Best Under a Billion" from a pool of 15,000 companies. Forbes ranked the companies based on sales growth, earnings growth, and return on equity in the past 12 months and over three years. Longwei's three year track record is 45% sales growth, 28% earnings per share growth, and 28% return on equity.
Longwei Petroleum today announced that it has finalized the $110.6 million purchase of the assets of Huajie Petroleum Company Limited, a fuel storage depot in northern Shanxi Province with a 100,000 metric ton storage capacity. The other assets involved in the transaction include accessory facilities and equipment, delivery and distribution platforms (including a rail spur), a vehicle loading and unloading station, and an office building and land.
With the addition of the Huajie storage facility, Longwei will have strengthened its lead as the biggest non-state-owned fuel storage and distribution business in Shanxi Province. The company will also be better positioned to capitalize on the demand for petroleum products in its regional market and quickly ramp up sales. Northern Shanxi Province is a fast-growing industrial area of China.
For additional information about Longwei Petroleum and its business, please visit the company's website at longweipetroleum.com
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