On the afternoon of June 24, Yu Baodong, Chairman of Poly-GCL Petroleum Group Holding Co., Ltd., and Du Nan, General Manager of China Communications Industry Investment Holding Co., Ltd., visited the headquarter of Zhejiang Energy Group Co., Ltd. and met with the deputy chief engineer and Deputy Director of the International Business Department of the Group, Chai Xiqiang, and Deputy Chief Economist of Zhejiang Energy Group, Chairman of Zhejiang Energy International, Chen Yiqin, and other participants. Three parties signed MoU on accelerating the equity investment and LNG off-taking cooperation for the “Ethiopia-Djibouti Natural Gas” project.
The MoU stated that Zhejiang Energy Group is responsible for guaranteeing the supply of natural gas in Zhejiang Province, and Poly-GCL has abundant natural gas resources, and the advantages of both parties are obviously complementary. Poly-GCL agreed that Zhejiang Energy International, the only overseas investment platform of Zhejiang Energy Group, would participate in the equity investment of gas field projects and provide preferential cooperation conditions; Zhejiang Energy International agreed to offtake a certain proportion of LNG at the market price of or a price agreed by both parties. The two parties will set up a dedicated business team to jointly study and negotiate the equity investment ratio, transfer terms, LNG off-taking proportion, price mechanism, etc., and formulate as well as implement follow-up cooperation plans of both parties as soon as possible.
Zhejiang Energy Group is mainly engaged in power supply construction, power and heat production, coal circulation operation, natural gas development and utilization, energy services, financial real estate and other businesses. It is the nation’s provincial-owned enterprise with the largest installed capacity, largest asset scale, most complete energy industry segments, and most profitable strong provincial-level energy companies. Its major technical and economic indicators are leading within the domestic industry. The successful signing of the MoU and the subsequent follow-up work will lay a solid foundation for the joint construction of the “Ethiopia-Djibouti Natural Gas project” by Poly-GCL, CCCC and Zhejiang Energy Group, and will further promote mixed ownership of the project, propelling to achieve the project’s production goals and sustained growth.
Yang Yang and Le Yabiao, Deputy Directors of the International Business Department of Zhejiang Energy Group, and Xu Jun, Assistant General Manager of China Communications Industrial Investment, participated in the signing ceremony.
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