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Article: Longwei Petroleum Investment Holding Announces Closing of Private Placement for $14.8 Million.
- Article from:
- Energy Weekly News
- Article date:
- November 13, 2009
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Longwei Petroleum Investment Holding Ltd. (BULLETIN BOARD: LPIH) ("Longwei"), announced that it has completed a $14.8 million private placement with accredited investors to provide funding for the completion of its Gujiao Oil Depot facility located in Gujiao City, Shanxi Province, China. The company intends to use the proceeds to purchase inventory and ancillary equipment for the Gujiao facility that has 70,000 metric tons of capacity for fuel oil storage, and to finalize the railway connection to the depot.
The additional facility is expected to come online January of 2010 and is expected to generate approximately $40 million in revenue and $6 million in net ...