Towngas makes massive investment in eco-friendly energy

The Hong Kong and China Gas Company, widely known in the city as Towngas, plans to spend HK$10 billion to expand in China.

Managing Director Alfred Chan said Towngas will invest around 70% of planned capital expenditure from 2011-2013 on its ECO Environmental Investments Ltd. unit that operates environmentally friendly energy businesses like liquefied petroleum gas filling stations in China.

The 30% capital expenditure balance will go to gas projects in Hong Kong,

Towngas is the sole provider of towngas in Hong Kong. It is also the city’s leading public utility and supplies towngas to 85% Hong Kong households and to commercial and industrial customers.

Towngas or coal gas is a gaseous fuel made by the distillation of coal.