It is reported that China Integrated Energy Inc acquired a retail gas station located in Shaanxi Province, China from Wenhua Lu who owned 100% of equity interests in the Shenmu gas station for around USD 9.2 million.

Mr Gao Xincheng CEO of the company said "We are pleased to complete another accretive retail gas station acquisition, bringing our total number of gas stations in Shaanxi province to thirteen."

For the fiscal year of 2011, the Xian, China based Company expects the Shenmu gas station to sell around 12,000 tons of fuel and generate around USD 12.3 million in revenue. The gas station which distributes both gasoline and diesel, sold around 8,000 tons of fuel and generated revenue of approximately USD 8.2 million during the past twelve months.

Further, the company said it expects healthy sales and margin growth from its retail gas stations due to increasing demand for transportation fuel and operating leverage.

(Sourced from RTTNews)