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(Yicai International) Sept. 1 — Shares in Zhongman Petroleum and Pure Fuel Group superior in the present day after the Chinese language oilfield companies agency mentioned its United Arab Emirates-based subsidiary can pay USD46.6 million to acquire a majority stake in a sister firm and on this method take management of an oil and fuel discipline in Kazakhstan.
ZPEC’s share value [SHA:603619] was buying and selling up 2.7 % at CNY21.73 (USD3.15) as of 11.30 a.m. China time in the present day.
Zhongman Petroleum and Pure Fuel Gulf plans to buy 24.3 % fairness in China Rising Power Worldwide’s Dubai unit, elevating its stake to 51 %, and on this method will not directly management an oil and fuel discipline in Tenge, southwest Kazakhstan, Shanghai-based ZPEC mentioned yesterday.
Each ZPEC and Cayman Islands-registered CREIC are owned by Zhongman Funding Holding and each are engaged in oil exploration and improvement. The takeover will scale back competitors between the 2 and may take impact from Dec. 31, 2023.
The Tenge oil and fuel discipline has 64.4 million tons of confirmed and possible crude oil reserves, 5.9 million tons of which is economically workable in addition to 21.8 billion cubic meters of confirmed and possible pure fuel reserves, in response to a report by third-party evaluator Apex Reservoir Service that was launched on June 30.
There are round 25 medium and large-sized oil and fuel fields round Tenge, and the area has essentially the most developed oil and fuel infrastructure within the central Asian nation, ZPEC mentioned.
Editor: Kim Taylor
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