Licenses
The Company holds two distinct licenses for the wholesale distribution and handling of petroleum products in the PRC under its wholly-owned PRC operating subsidiary, Taiyuan Longwei Economy & Trading Co:
(1) Wholesale Distribution of Finished Oil License ("FO License") (Click for copy of License)
The Certificate for Wholesale Distribution of Finished Oil License (the "FO License") is a license granted by the PRC central government's National Commerce Department. The FO License allows us to sell our products to wholesale customers and other users of gasoline, diesel and solvents. The FO License must be renewed every 5 years. Our most recent renewal approval (based on our April 2011 application) extends our license from July 4, 2011 through July 4, 2016.
(2) Dangerous Chemical Distribution License ("DCD License") (Click for copy of License)
The Certificate for the Dangerous Chemical Distribution License (the "DCD License") is a license granted by the National Safety Control Ministry. The DCD License allows us and our personnel to handle and transport gasoline and diesel oil. The DCD License must be renewed every 3 years. We recently completed the renewal process on September 26, 2012 to include the purchase of Huajie Petroleum facility under the DCD License. Our most recent renewal approval extends our license from September 26, 2012 until December 31, 2013. The renewal period is shorter than the typical 3 year renewal because the Huajie Petroleum facility is newly operational and will have to be inspected again prior to the end of 2013.