United Energy Group
| Industry | Oil & gas |
|---|---|
Number of locations | China, Pakistan, Iraq, Egypt, Dubai |
| Website | uegl |
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
[edit]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
[edit]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
[edit]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, and remained 9th on the list with exports worth $227 million.[5]
External links
[edit]
References
[edit]- ^ "Zhang Hongwei profile". Telegraph. October 10, 2013.
- ^ "United Energy posts 18.9 per cent rise in interim profit as output offsets lower oil prices". South China Morning Post. August 7, 2015.
- ^ "United Energy scraps Liaohe EOR project". China Daily. February 26, 2016.
- ^ Baloch, Farooq (2018-03-01). "OMV Pakistan divests upstream business to United Energy for $192 million". Profit by Pakistan Today. Retrieved 2024-07-25.
- ^ Naqvi, Hassan (2020-02-22). "100 companies responsible for Pakistan's 40pc exports". Profit by Pakistan Today. Retrieved 2024-07-25.
| Oil and gas majors (Upstream/Downstream) |
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| Oil (Upstream) | |||||||
| Natural gas |
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| Drilling services |
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| EPC | |||||||
| Refineries |
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