Longwei Petroleum Announces Financial Results

Longwei Petroleum Investment Holding Ltd. ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced its financial results for the three months ended September 30, 2011. First Quarter Fiscal Year 2012 Financial Highlights: (Year-over-Year, 3-Month Results)

•Revenues increased 4.7% to $118.6 million, compared with $113.3 million.

•Income Before Taxes increased 128.6% to $23.2 million, compared with $10.1 million.

•GAAP Net Income Attributable to Common Shareholders increased 272.6% to $17.8 million, compared with $4.9 million.

•Basic and Diluted Earnings per Share ("EPS") increased to $0.18 per share for the three months ended September 30, 2011, compared to $0.05 per Basic and Diluted Share for the three months ended September 30, 2010.

•The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $58.2 million and $54.8 million, respectively. Agency fees contributed $5.5 million to revenues.

•Stockholders' Equity increased $20.7 million to $282.4 million, compared with $261.7 million.

"We are pleased to report another quarter of strong profitability," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "We carefully managed our cash flow to take advantage of declining international oil prices during the quarter by building our inventory position, while balancing the funding required to complete our purchase of the Huajie Petroleum assets. The Huajie Petroleum assets will add another 100,000 metric tons to our storage capacity and we believe will better position us to serve China's rising demand for petroleum products. By remaining focused on executing our growth strategy, we expect to deliver continued shareholder value improvement in fiscal 2012."

REFILE-CNPC General Manager Renamed as Chairman by Gvt

The Chinese government has named Jiang Jiemin, general manager of China National Petroleum Corp (CNPC), as chairman of the state-owned oil and gas giant in a newly-established post, a company newspaper reported on Monday.

Deputy General Manager Zhou Jiping has become the new CNPC general manager and a board director, China Petroleum Daily said.

Jiang is expected to remain chairman of listed PetroChina Co Ltd and Zhou the president.

China is instituting a board system in its government-controlled firms in the name of building "modern state-owned enterprises with Chinese characteristics".

(Reuters, Edited by Topco)