July 2018: Signature of a MoU with China Peace Petroleum Group Limited

Netoil Inc. and China Peace Petroleum Group Limited, a China state-owned mixed ownership company, have signed a Memorandum of Understanding for cooperating together on infrastructure projects. It happened during the historical state visit of China’s President Xi Jinping in Abu Dhabi, United Arab Emirates.

China Peace Petroleum Group Ltd., (hereinafter referred to as the Peace Group) specialized in oil and gas sales, production, processing, transit trade, owns oil and gas field, mass oil and gas products, integrated storage tanks with capacity of 2.6 million cubic meters, as well as exclusive railways to transport hazardous chemical products, gas/refueling stations and etc. Related industrial activities which Peace Group involves covers oil refining and chemical production and processing, gas products marketing and sales, oil machinery/integrated equipments import and export, rendering petroleum engineering and technical services both for domestic and overseas oil fields, development and utilization of clean energy, financing and investment on petrochemical engineering and LNG projects.

Since its establishment, Peace Group has made significant achievements in the field of petrochemical industry and natural gas sector. Peace Group is now comprised of 6 solely-invested /wholly owned companies, joint ventures and cooperative enterprises, among which, Darkhorse oil and gas Ltd., a Canadian oil exploration/development company, in possession of amounting to 1200 square kilometers oil & gas exploration and development area, widely distributed in northwestern Alberta’s Jackpot and Leduc in central region of Canada. The proven reserves of the large oil-gas field are up to 5 billion barrels. Ningxia LanXing Petroleum Sales (Group) company, one of the largest oil processing, natural gas marketing and sales enterprises in western China, possesses two rail ways exclusive for hazard chemical products transportation, 600 thousand oil and gas storage tanks. The company also supplies natural gas for YinChuan and surrounding areas to suffice industrial/civilian needs and special oil production, including for instance, rendering service for neighborhood oil/gas stations. Jinzhou LanXing Petroleum Group Ltd., is a refinery enterprise with capacity of production and processing up to 3 million tons, equipped with 15 integrated refining units/devices and 300 thousand cubic meters oil tanks for mazut as well as refining products storage, major producing/processing gasoline/diesel and affiliated products. On top of that, 120 logistic vehicles can directly transport cargos to storage area by virtue of exclusive railways/roads. Dalian LanXing Petroleum Limited Company, as a logistic and trading company, undertakes the task of the gas/diesel sales and supply for Dalian City and outer peripheral areas to satisfy the market needs. Attribute to geographic advantages of Beijing, Tianjin and Hebei Province, Tianyuanjitong Petroleum Products Ltd., can import fuel oil/ chemical products aggregating to 8 million tons annually, providing enterprises nearby with raw materials. JieTai Ltd., is a trading company, specializing in investment on LNG terminals and receivers, LNG and other clean energy products import.