United Energy Group

United Energy Group
IndustryOil & gas
Number of locations
China, Pakistan, Iraq, Egypt, Dubai
Websiteuegl.com.hk

The United Energy Group (UEG) (SEHK: 467) 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

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

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

Main article: United Energy Pakistan

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.

References

  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.
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