TAIYUAN CITY, China, Oct. 29, 2012 /PRNewswire-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("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 it has signed purchase agreements with nine major customers for its Huajie facility and received the endorsement of local government and business leaders based on a site visit to its new facility on October 23, 2012. The Huajie facility site visit by local government leaders included Mr. Zhong, the General Director of the Fanshi County Commerce Bureau; Mr. An, the General Director of the Xinzhou Commerce Bureau; and Mr. Wang, the Vice Director of the Yuanping Railway Operations Bureau; in addition to other local business leaders. These leaders had high praise for Longwei's purchase of the Huajie facility. They pledged their support to ensure its success by assisting Longwei to expand its customer base quickly by encouraging local enterprises in Fanshi County to utilize the new facility and increase their petroleum consumption. The local leaders view the new facility as a stimulant for regional growth and as a key piece of infrastructure to support local employment and economic development. "We are pleased to receive the full support of the local government and business leaders, and their endorsement to help us build our customer base," said Cai Yongjun, Chairman and Chief Executive Officer of Longwei. "Since opening the facility, we have signed contracts with at least nine major regional industrial companies in mining, steel and logistics. We are looking forward to adding more customers and extending our reach into this fast-growing industrial area of northern Shanxi Province." The officials toured the facility and new operations with the Company's management team. Longwei demonstrated the facility's working processes, including storage and pumping operations, fire control, and other safety and environmental measures. The group expressed a high degree of satisfaction with the facility's workflow, safety and quality control.
Shares of Longwei Petroleum Investment Holding Limite (AMEX:LPH) were gapping up Friday morning with an open price 10.5% higher than Thursday's closing price. The stock closed at $1.52 yesterday and opened today's trading at $1.68.