Nanjing Panva Pipeline Gas Company

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In April of 2002, Panva Gas Holdings Limited (Panva Gas), through its wholly-owned subsidiary Panriver Investments Co., Ltd. (Panriver), established the joint venture, Nanjing Panva Pipeline Gas Company. The other partner in the JV was Nanjing Panva LPG Co., Ltd., which was a 55% indirectly owned subsidiary of Panva Gas and 45% owned by the state-owned Nanjing LPG Co. The 50-year project involved the development, construction, ownership and operation of gas pipelines in Gaochun, Nanjing. The registered capital of the joint venture is US$1.01 million. Panva Gas was a company listed on Growth Enterprise Market Board of the Stock Exchange of Hong Kong Limited. It was principally engaged in the sale and distribution of natural gas and liquefied petroleum gas and construction of gas pipeline in the PRC. As for July 2005, its main shareholder was Enerchina Holidngs Limited (60.57%), which was a subsidiary of Sinolink Worldwide Holdings Ltd (64.33%). Sinolink Worldwide Holdings Ltd. was a company incorporated in Bermuda and 50.83% controlled by Mr. Ouyaping (the Chairman of both Enerchina and Panva Gas). The rest of the shareholder structure for Panva Gas was: public and other shareholders (38.89%), Asia Pacific Promotion Ltd. (0.54%). Aisa Pacif Promotion Ltd., a private company incorporated in the British Virgin Islands which was wholly-owned by Mr. Ouyangping. None None