BEIJING, Dec. 19, 2011 /PRNewswire-Asia/ -- Asian American Gas, Inc. (AAGI) is very pleased to announce that its Overall Development Plan for the Panzhuang Coalbed Methane Project in Jincheng City, Shanxi Province has been officially approved by the National Development and Reform Commission (NDRC), making the Panzhuang project the first Sino-foreign cooperative commercial CBM project in China.

Steve Zou, President and CEO of Asian American Gas, Inc., commented that "The approval of the Panzhuang ODP is exciting news and a major milestone for Sino-foreign cooperative CBM projects." He then, on behalf of AAGI shareholders, management and all employees, expressed his heartfelt thanks to AAGI's Chinese partner, CUCBM, for its strong support and leadership in achieving this milestone. "I am very confident that the Panzhuang project will greatly enhance CBM commercialization in China and improve CBM technological development and management levels," added Steve Zou.

AAGI is aiming to turn the Panzhuang project into a model for the Chinese CBM industry. The company is committed to maintaining the highest standards of safety and responsibility, and to making a sustainable contribution to local economic and social development while delivering a superior rate of return for its shareholders.

Source:prnewswire.com