Maple Leaf Reforestation creates energy subsidiary
2008-08-27 09:07 ET - News Release
Mr. Raymond Lai reports
MAPLE LEAF REFORESTATION INC. CREATES CHINESE ALTERNATIVE ENERGY SUBSIDIARY
Maple Leaf Reforestation Inc. has created a separate wholly owned foreign subsidiary, Maple Leaf Energy China Ltd. Initially, this subsidiary will manage the development of the company's Xinjiang Yellowhorn biofuel project, which is developing more rapidly than anticipated. Also along these same alternative energy lines, the company is currently reviewing opportunities for involvement in other energy-related initiatives. All such further energy-related developments and projects of the company will be managed by this subsidiary.
According to the Energy Information Administration (a U.S. government agency), China is the second-largest consumer of energy after the United States. Since 1991, energy consumption in China has grown at a compounded rate of 10 per cent and is projected to continue growing at a rate of 5 per cent per year through 2030, almost twice the global growth rate. There is continued strong market demand for energy throughout China. The Chinese government is especially supportive of new products and technologies designed to increase the efficiency of the energy industry and decrease environmental damage caused by energy production and consumption.
Raymond Lai, president and chief executive officer of Maple Leaf Reforestation, stated: "Maple Leaf's diversification into the Chinese energy sector is very timely, given the continued and growing demand for energy throughout the country. The company intends to offer technologically advanced, cost-effective solutions and products to Chinese oil and gas producers and distributors. The combination of the company's geographical knowledge, operating experience and significant regional support in China should lead to solid growth in this sector. Our proven ability to develop and market environmentally friendly and superior products should provide Maple Leaf with the competitive advantages required to be a true energy sector market leader in China. We are very excited about launching this initiative and confident in its success!"
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