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Bolstering the event of oil product enterprise within the post-pandemic period
HONG KONG SAR – Media OutReach – 30 December 2022 – Yanchang Petroleum Worldwide Restricted (“Yanchang Petroleum Worldwide” or the “Firm”; inventory code: 346.HK) is happy to announce its subsidiary Henan Yanchang Petroleum Gross sales Co., Restricted (“Henan Yanchang”) will enter into a brand new provide settlement with Shaanxi Yanchang Petroleum (Group) Co., Restricted (“Yanchang Group”). The settlement has been accredited by its shareholders on the Particular Normal Assembly held right this moment. Pursuant to which, Yanchang Group will provide refined oil and by-products to Henan Yanchang for 3 years ending 31 December 2025.
Henan Yanchang entered right into a three-year provide settlement with Yanchang Group in 2019. The brand new settlement will preserve a dependable provide supply to reinforce the pliability of enterprise operations. Because the economic system within the PRC will progressively get better within the post-pandemic period, the Firm expects that product demand will shortly return to the pre-pandemic degree and the uptrend to proceed. The Firm believes that the dimensions of the oil product gross sales enterprise within the PRC might be additional expanded with the steady product provide, strengthening the Group’s profitability.
Mr. Feng Yinguo, Chairman of Yanchang Petroleum Worldwide, mentioned, “Yanchang Group is without doubt one of the 4 largest state-owned oil and fuel enterprises within the PRC. The brand new provide settlement will present better progress momentum for the Firm’s oil product gross sales enterprise in China. Going ahead, the Firm will proceed to optimize the enterprise of Henan Yanchang and additional plan and broaden its gross sales community, with the intention to broaden the general scale of the Firm’s enterprise and improve its competitiveness, creating better worth for our shareholders.”
Yanchang Group is the substantial shareholder of Yanchang Petroleum Worldwide, holding roughly 69.19% of the prevailing issued share capital of the Firm. Henan Yanchang is an oblique non-wholly owned subsidiary of the Firm, principally engaged within the enterprise of wholesale, retail, storage and transportation of refined oil and by-products.
Hashtag: #YanchangPetroleum
The issuer is solely answerable for the content material of this announcement.
About Yanchang Petroleum Worldwide Restricted (Inventory Code: 346.HK)
Yanchang Petroleum Worldwide is principally engaged in exploration, exploitation, and operation of oil and fuel; and gas oil buying and selling and distribution. In its upstream operations, Yanchang Petroleum Worldwide possesses working oilfields in Saskatchewan and Alberta, Canada, via its wholly owned subsidiary Novus Power Inc., a Canadian enterprise. Novus engages within the enterprise of buying, exploring for, growing and producing crude oil and pure fuel. In its downstream operations, Yanchang Petroleum Worldwide is principally engaged in wholesale, retail, storage and transportation of oil merchandise via its 70% owned subsidiary, Henan Yanchang Petroleum Gross sales Co., Restricted, and which has been granted legitimate licenses for distribution and gross sales of oil merchandise in China. The Group additionally established oil merchandise buying and selling corporations in Zhoushan, Zhejiang and Shenzhen, China, respectively, for increasing its oil merchandise buying and selling enterprise which grow to be a brand new revenue driver.
For particulars, please seek advice from 
http://www.yanchanginternational.com
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