Longwei Petroleum completes $110.6M purchase of Huajie Petroleum assets

theflyonthewall.com

Longwei Petroleum Investment Holding announced that it has finalized the $110.6M purchase of the assets of Huajie Petroleum Co., a fuel storage depot in northern Shanxi Province with a 100,000-metric-ton storage capacity. Longwei has acquired the assets of Huajie for a total purchase price of approximately $110.6M. The company has made a final payment of approximately $23.7M to the seller and released the previously paid deposit of approximately $86.9M to complete the purchase. "We are pleased to have closed on the Huajie asset purchase using our own cash resources without dilution to our shareholders. "This acquisition nearly doubles our storage capacity to a total of 220,000 metric tons and extends our reach into the fast-growing industrial area of northern Shanxi Province," the company said.

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