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United Energy Group

From Wikipedia, the free encyclopedia
United Energy Group
IndustryOil & gas
Number of locations
China, Pakistan, Iraq, Egypt, Dubai
Websiteuegl.com.hk

The United Energy Group (UEG) (SEHK467) is a Chinese oil & gas exploration and production company. The company pursues projects in Pakistan and Indonesia and is looking into further investment options in South East Asia and the Americas.

Corporate affairs

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UEG is a Hong Kong listed company but controlled by Zhang Hongwei, a majority shareholder in mainland China, who owns 71.7% of the company.[1][2]

China

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The company undertook a joint venture with the China National Petroleum Company to develop the Liaohe EOR Project in Liaoning, China until it announced termination of the project in 2016.[3]

Pakistan

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In 2012, UEP secured a credit line of $5 billion from China Development Bank for its Pakistani operations and other potential acquisitions.

In March 2018, UEP acquired OMV Pakistan assets for US$192 million.[4]

In FY2019, United Energy Pakistan was the largest foreign oil and gas exploration and production company in Pakistan.

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References

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  1. ^ "Zhang Hongwei profile". Telegraph. October 10, 2013.
  2. ^ "United Energy posts 18.9 per cent rise in interim profit as output offsets lower oil prices". South China Morning Post. August 7, 2015.
  3. ^ "United Energy scraps Liaohe EOR project". China Daily. February 26, 2016.
  4. ^ Baloch, Farooq (2018-03-01). "OMV Pakistan divests upstream business to United Energy for $192 million". Profit by Pakistan Today. Retrieved 2024-07-25.