From Employee Ownership Index
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Company details
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Ticker: FTO
Sector: Exploration & Production
Index: 3%
Date joined: 22-Mar-10
EO %: 3.6%
Accounts: Dec-12
Revenue (£m): 214.6
Employees: 2,000
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Ownership Attributes
Employees - individually %:
Employees - through a trust %:
Directors %: 38.2%
External shareholders %:
SAYE (Yes/No):
SIP (Yes/No):
CSOP (Yes/No): Yes
EMI (Yes/No):

Company description

Fortune Oil PLC is engaged in oil and natural gas and resource supply, operations and investments in China. It operates in seven segments: Natural Gas, Single point mooring facility, Aviation Refueling, Trading, Products Terminal, resources and others. In June 2011, the Group acquired 55 per cent of the issued share capital of Beijing Fortune Power Technology Company Limited. The subsidiaries of the Company are: Maoming King Ming Petroleum Company Limited, Beijing Fortune Huiyuan Gas Company Limited, Xinyang Fortune Gas Company Limited and Sishui Fortune Gas Company Limited. In May 2011, it acquired 51% interest of Liaoning Jianping Fortune Gas Company Limited. In August 2011, it established Liaoning New Energy Company Limited to operate LNG gas station. In January 2011, it disposed one subsidiary, Beijing Fuhua Dadi Gas Limited. On June 30, 2011, a subsidiary of the Company, Fortune Liulin Gas Company Limited, became a jointly controlled entity.

Employee ownership description

The company operates approved and unapproved share option schemes for the benefit of all employees. Directors do not participate in these schemes. All option awards are hedged with market purchased shares held in an EBT, which currently owns 4.3%. It is estimated that 84% of the EBT s holding is available for non-director employees.

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