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Continues to Strengthen Investment and Jointly Develop Energy Business in Pakistan
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HONG KONG, May 16, 2012 - (ACN Newswire) - Mr. Zhang Hong Wei, Chairman and Executive Director, of United Energy Group Limited ("United Energy" or the "Group")(SEHK: 467), led a delegation to Pakistan to participate in the second China-Pakistan Joint Energy Working Group (JEWG) meeting from 6-10 May in his capacity as the Vice-Chairman of the All-China Federation of Industry and Commerce and Vice Chairman of the China International Council for the Promotion of Multinational Corporations. Delegates include Mr. Wu Guihui, Leader of the China Energy Working Group and Chief Engineer of the National Energy Administration of PRC, and four officials. The delegation met with the Islamic Republic of Pakistan's President Asif Ali Zardari to discuss the investment by United Energy in Pakistan and the acceleration of the Group's Pakistan Project and conferred with Mr. Liu Jian, the Chinese Ambassador to the Islamic Republic of Pakistan, who endorsed the Group's expansion of new energy projects.
United Energy's acquisition of British Petroleum's assets in Pakistan last year represented a significant investment made by a Chinese private enterprise in Pakistan's energy sector. Mr. Zhang expressed his gratitude to the Governments of both countries for strong support in facilitating the acquisition. United Energy has raised its Capex investment for its Pakistan asset to US$200 million for exploitation and exploration works. The additional investment has boosted the project's daily production from approximately 20,000 barrels oil equivalent ("boe") per day when the Group took over the project last September to about 25,000 boe per day as at the end of the first quarter of this year. The rate of success of exploratory wells and development wells is 100%, and 3D seismic work has been covered an area of 531 km2 to date.
Mr. Zhang said, "The success of the project demonstrated the confidence of Chinese private enterprises in Pakistan. The acquisition has become a model to our peers for investing in Pakistan. United Energy strives to become one of the leading energy reserves and supply enterprise of the country in next three to five years."
The Pakistani Government expressed confidence in the capability and financial strength of Mr. Zhang and United Energy. During the meeting, officials of Pakistan's Energy Department also shared their view on the country's insufficient supply of energy with Mr. Zhang, as well as the plan of developing renewable energy, especially wind power. During the delegation, United Energy Pakistan Limited, the Group's Pakistan subsidiary, China Development Bank and Pak-China Investment Company Limited entered into a Memorandum of Understanding (MOU) for the development of a 500MW wind power project in Pakistan, while the first phase of the project is expected to supply 150MW electrical power. The MOU is the realization of the development of a wind power project proposed in the China-Pakistan Joint Energy Working Group (JEWG) meeting held in Beijing last August. The second phase, a 350MW wind power project, has also been approved by the Pakistani Government during the period of the meeting.
After the meeting, the Chinese delegation of the China-Pakistan Joint Energy Working Group (JEWG) meeting visited United Energy's Pakistan office and the oilfield with accompany of Mr. Zhang. They were briefed on the operation and management of the oilfield, and participated in the tree planting ceremony. Mr. Wu Guihui, leader of the Chinese delegation, said, "The success of our Pakistani project is an example of Chinese private enterprises investing in overseas markets. Although they may face various operational and development challenges, the Government and related departments will pay closer attention to the needs of these companies, and support them to cater for other development overseas."
Mr. Zhang concluded, "Both the Chinese and Pakistan Governments have great expectations for the progress of the Group's Pakistan energy project. We are so thankful that we have been receiving strong and continuous support for both countries. Looking forward, the Group will continue investing in existing projects and also actively identify new development opportunities in other conventional energy projects. We will also prepare for examining the possibility of developing new energy business."
Contact:
Strategic Financial Relations Limited
Vicky Lee, Tel: +852 2864 4834, Email: vicky.lee@sprg.com.hk
Roby Lau, Tel: +852 2114 4950, Email: roby.lau@sprg.com.hk
Samantha Yeung, Tel: +852 2114 4953, Email: samantha.yeung@sprg.com.hk
Fax: +852 2527 1196
Topic: Trade Show or Conference
Source: United Energy Group Limited
Sectors: Gas & Oil, Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network
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