Logo
KEY DEVELOPMENTS IN OUR INDUSTRIES

Updates

,

Kunlun Energy and PO&G Sign Strategic Cooperation MOU

APRIL 13, 2018

BEIJING, China - Kunlun Energy Company Limited (“KunLun Energy”) (0135.HK) and Pacific Oil & Gas Limited (“PO&G”) are pleased to announce the signing of a memorandum of understanding (“MOU”) on strategic cooperation between the two companies.

Li Wei, VP of Kunlun Energy and Mr. Wang Jianguo, Chairman of RGE China Energy Committee (on behalf of PO&G) signed the MOU at Kunlun Energy’s Beijing headquarters on April 13, 2018. The event was witnessed by Zhao Yongqi, CEO of Kunlun Energy and Ratnesh Bedi, President of PO&G.

“Through strategic cooperation Kunlun Energy and PO&G will continue to promote natural gas, and liquefied natural gas in particular, as a clean, efficient and reliable source of energy to help meet growing energy demand in China,” said Zhao Yongqi, CEO of Kunlun Energy.

Kunlun Energy and PO&G have invested in the Jiangsu Rudong liquefied natural gas (LNG) Terminal in Rudong, Jiangsu Province, China. The regasification terminal has been in operation since May 2011 and has a capacity of 6.5 million tonnes of LNG per year.

“Currently, China relies on the international market to supply about 40% of the natural gas it needs,” said Ratnesh Bedi, President of PO&G. “The goal of this strategic partnership is to strengthen collaboration between Kunlun Energy and PO&G in gas and power sectors, LNG receiving terminal development as well as LNG off-take agreements.

PO&G is the parent company of Woodfibre LNG Limited, a privately held Canadian company based in Vancouver, British Columbia. The company is developing the Woodfibre LNG Project in Squamish, British Columbia, which is licensed to export approximately 2.1 million tonnes of LNG per year for 40 years.

 

About Kunlun Energy Company Limited

 

KunLun Energy Company Limited (“KunLun Energy”) (0135.HK) is a Hong Kong-based investment holding company principally engaged in energy resources development. Part of the PetroChina Company Limited group of companies, KunLun Energy is engaged in the exploration, development, production and sales of crude oil and natural gas as well as natural gas distribution including sales and transmission of natural gas, and liquefied natural gas (LNG) processing and regasification.

 

About Pacific Oil & Gas Limited

 

Pacific Oil & Gas Limited (“PO&G”) is an independent energy resources development company with major investments throughout the energy supply chain – upstream oil and gas developments, LNG receiving terminals, power plants and gas transmission networks.

PO&G is part of the Singapore-based RGE group of companies. RGE, also known as Royal Golden Eagle, manages a group of resource-based manufacturing companies with global operations. Assets held by the RGE group of companies exceed US$18 billion with a combined workforce of more than 60,000 people worldwide.