On July 9, Chairman Wang Yuetao and General Manager Lu Lize met with Mr. Zhang Kaiyong, Chairman of Yanchang Petroleum and his delegation, accompanied by Board Secretary Zhang Xiaodi. Both parties had a deep conversation on  further strengthening mutual cooperation in  oil and gas energy fields.

Chairman Wang Yuetao extended warm welcome to Zhang Kaiyong and his delegation, and expressed his gratitude to Yanchang Petroleum for its supports to ZhenHua Oil in both international crude oil import and domestic pipeline gas acquisition, etc. He introduced the overall situation of ZhenHua Oil in the first half of 2024, and pointed out that Zhenhua Oil will continuously  enhancing the acquisition of oil and gas resources. Yanchang Petroleum is a significant strategic partner of ZhenHua Oil, so he hoped that both parties could further extend their cooperation in the oil and gas energy fields such as  importing and international trading of crude oil and distributing of domestic pipeline gas, jointly expanding oversea petrochemical wholesale channels, and actively exploring oversea investment opportunities of upstream oil and gas field , to achieve all-round win-win development in oil, gas, petrochemical and other fields.

General Manager Lu Lize affirmed the bilateral achievements in crude oil and natural gas business since both parties signed the strategic cooperation agreement, and pointed out that ZhenHua Oil will continue to optimizing the  advantage in  commodity trading  to provide high-quality resources to Yanchang’s refineries, broaden the export channels of petrochemicals, continuously consolidate the foundation of partnership and enrich the connotation of mutual cooperation.

Mr. Zhang Kaiyong appreciated the supports and assistance by ZhenHua Oil to the refineries of Yanchang Petroleum in the aspects of crude oil supply , sale of natural gas and export of chemicals, etc. Yanchang Petroleum is the sole large integrated energy and chemical enterprise that simultaneously covering  petroleum, natural gas, coal and other resources  in China, and has kept the annual production of crude oil over 10 million tons for 17 years and maintained  production growth of natural gas for 15 years. Natural gas will become the major portion of reserve and production growth of Yanchang Petroleum in the future. Yanchang Petroleum hopes to develop hand in hand partnership with ZhenHua Oil, give full play to the resource advantages of both parties and further deepen cooperation in energy fields such as crude oil import, international crude oil trade, distribution of natural gas outside Shaanxi province, petrochemical export, propane import, etc.