Green Dragon seeks fund­ing to dou­ble nat­u­ral gas out­put

China Daily (Canada) - - BUSINESS -

Green Dragon Gas Ltd is seek­ing to bor­row $225 mil­lion this year to dou­ble its pro­duc­tion of gas from Chi­nese coal­fields, bil­lion­aire Chief Ex­ec­u­tive Of­fi­cer Ran­deep Gre­wal said. The company plans to drill 150 newwells next year cost­ing about $1.5 mil­lion each, Gre­wal said in an in­ter­viewin London. Green Dragon, op­er­at­ing in­He­nan, Shanxi, An­hui, Jiangxi and Guizhou prov­inces, raised out­put four-fold to 8 bil­lion to 10 bil­lion cu­bic feet this year after re­solv­ing op­er­at­ing li­cense is­sues with part­ners in April, Gre­wal said.

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