Kunlun Energy Co. Ltd international energy company controlled by PetroChina, has recently signed a framework agreement with the lo cal government of Haikou city in China's southernmost Hainan province on spearheading the use of liquefied natural gas (OOTC:LNGLF) (LNG)-fueled buses.
According to the agreement, Kunlun Energy will invest 250 million yuan on setting up a joint venture company with the Haikou local gov ernment.
The JV will conduct the purchase of LNG buses and the investment , construction and operation of bus stations and LNG filling stations and related pubic transport facilities.
The local government of Haikou pledged to support PetroChina in the development of 55 gas and oil filling stations in Haikou.Kunlun en ergy will be responsible for ensuring the natural gas supply of the st ations.
Statistics show that 90 percent of urban air pollution comes fro m tail gas from vehicles and the use of LNG as fuel can help reduce di scharge of hazardous gas by over 70 percent.
The application of LNG buses in Haikou will help the city improv e the atmospheric environment and facilitate Hainan province's bid to build itself into an international tourism island, said Li Hualin, vic e president of PetroChina.
The cooperation between PetroChina and Haikou will also set an e xample for the promotion of LNG vehicles nationwide, he added.
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