- Business
- China Natural Gas, Inc. (CHNGQ) operates as an integrated natural gas company in China, primarily engaged in the distribution and sale of compressed natural gas (CNG) through company-owned fueling stations; pipeline natural gas delivery to residential, commercial, and industrial customers via a high-pressure pipeline network of approximately 120 kilometers; gasoline sales; automobile conversion services from gasoline to hybrid natural gas/gasoline vehicles at dedicated sites; and construction of natural gas pipeline infrastructure. The company serves markets in Shaanxi Province, including Xi'an city (Lantian County, Lintong, and Baqiao districts), Henan Province (Lingbao city), and Hubei Province, with approximately 122,020 residential and commercial pipeline customers and 31 CNG fueling stations as of late 2012. Founded in 1999 and headquartered in Xi'an, China, it targets vehicular fuel, end-user gas services, and retail natural gas sectors.
In 2013, an involuntary Chapter 11 bankruptcy petition was filed against the company, which converted to Chapter 7 liquidation on July 2, 2014, marking its primary recent major operational change amid prior SEC fraud settlements in 2013 for undisclosed related-party loans and acquisition reporting failures. No significant partnerships, funding rounds, acquisitions, new product launches, or expansions have been reported since the bankruptcy proceedings.