Longwei Petroleum Investment Holding Ltd. (OTCBB: LPIH) has completed a $14.8 million private placement with accredited investors to provide funding for the completion of its Guijao Oil Depot facility located in Guijao City, Shanxi Province, China. The company plans to use the proceeds to purchase inventory and ancillary equipment for the Guijao facility that has 70,000 metric tons of capacity for fuel oil storage, and to finalize the railway connection to the depot.
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About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding, Limited (the "Company") is an energy company that, through its subsidiaries, engages in oil and gas operations in the People's Republic of China ("PRC"). Oil and gas operations consist of transporting, marketing and selling finished petroleum products. The Company's headquarters and primary facilities are located in Taiyuan, Shanxi Province ("Shanxi"). The Company purchases diesel, gasoline, fuel oil and kerosene (the "Products") from various petroleum refineries in the PRC. The Company is 1 of 5 licensed intermediaries in Shanxi that operates its own large scale storage tanks and has the necessary licenses to operate and sell Products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi. The Company seeks to earn profits by selling its Products at competitive prices to large scale gas stations, coal plants and other power supply customers and small, independent gas stations. The Company also earns revenue by acting as a purchasing agent for other intermediaries in Shanxi and through the sale of diesel and gasoline at a gas station located on the Company's property in Taiyuan.
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