COMPANY NEWS

HETC signed agreement with European financial group

11th.June, 2019, Spanish Holdcorp consortium, Huanbohai Occidental and HETC held a meeting and signed a formal agreement on settlement of crude oil trade in Dalian.

The meeting was attended by the president of HETC Mr. Zhu Shiliang, the representative in Europe of HETC Mr. JAVIER (SILVAMAR TRADING), the president of Holdcorp Mr. F.JAVIER and the CEO of Holdcorp Mr. David. Holdcorp is a leading European consortium which invests directly in infrastructure projects in Africa and Iraq and all parties agree to a crude oil swap. Holdcorp,Silvamar Trading and HETC will jointly transfer the swapped crude into Dalian Port bonded oil tanks, and distribute and sell the crude oil to the region of Asia-Pacific and China mainland by HETC. The initial trade volume is about 4-10 million barrels per month, and the official sales start from July 2019.

To ensure the smooth implementation of the settlement of crude oil trade in Dalian, Holdcorp, Silvamar Trading and HETC visited the CNPC bonded oil farm, Dalian energy port bonded oil farm and world largest ULCC 450,000 ton loading and unloading port terminal. All parties have a comprehensive understood of bonded oil the storage, transfer, loading and unloading.

This joint venture is a new model of China-Euro cooperation. It will further increase the total crude oil import volume of HETC and further expand the influence of HETC in the world energy field.

Date: 2019-06-12