Australia's Sino Gas & Energy Holdings Ltd. reported Thursday that the firm continues to derisk the Ordos Basin gas development project in China, with its first offshore remittance of gas sales proceeds.
The company said gas sales proceeds, amounting to around $1 million after finalizing the necessary approvals, received by the Joint Venture company, Sino Gas Energy Ltd. (SGE) have been remitted offshore China for the first time to SGE’s bank account based in Hong Kong from where the funds are freely transferable.
Sino Gas intends the funds to be held in U.S. dollars in the Joint Venture’s Hong Kong bank account until needed to finance the ongoing work program.
"Through our pilot program, we continue to derisk our Ordos Basin gas development project. With the remittance of funds offshore now demonstrated, we have completed the value chain for gas sold from the Linxing Production Sharing Contract (PSC), another major milestone for the monetization of our world class assets," Sino Gas Managing Director Glenn Corrie said in the press release.
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