Beijing Xinao Gas Company Limited

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Beijing Xinao Gas Company Limited is a Sino-foreign joint venture company officially established in July 2000. It was previously registered in the People's Republic of China (PRC) as a part of a PRC joint venture registered under the name Xinao Group Company Limited (XGCL). In July 2000, Xinao Miyun Investment Limited ("Miyun BVI"), an indirect wholly-owned subsidiary of Xinao Gas Holdings Limited, acquired an 80% interest in Beijing Xinao for roughly US$957,500 from XGCL. The remaining 20% is held by the state-owned Beijing City Miyun Chemicals Company. Term of the joint venture will be 30 years beginning in August 2000. In January 2001, Xinao Gas Holdings increased its stake in the project to 95% with an investment of RMB1.39m (roughly US$168,000). As of December 2002, 41km out of a planned 70km of pipelines had been constructed. None None