Yanchang Petroleum International Gains Approval for the New Supply Agreement with Its Parent Company
- Written by Media Outreach
Henan Yanchang entered into a three-year supply agreement with Yanchang Group in 2019. The new agreement will maintain a reliable supply source to enhance the flexibility of business operations. As the economy in the PRC will gradually recover in the post-pandemic era, the Company expects that product demand will shortly return to the pre-pandemic level and the uptrend to continue. The Company believes that the scale of the oil product sales business in the PRC can be further expanded with the stable product supply, strengthening the Group’s profitability.
Mr. Feng Yinguo, Chairman of Yanchang Petroleum International, said, “Yanchang Group is one of the four largest state-owned oil and gas enterprises in the PRC. The new supply agreement will provide greater growth momentum for the Company's oil product sales business in China. Going forward, the Company will continue to optimize the business of Henan Yanchang and further plan and expand its sales network, in order to expand the overall scale of the Company’s business and increase its competitiveness, creating greater value for our shareholders.”
Yanchang Group is the substantial shareholder of Yanchang Petroleum International, holding approximately 69.19% of the existing issued share capital of the Company. Henan Yanchang is an indirect non-wholly owned subsidiary of the Company, principally engaged in the business of wholesale, retail, storage and transportation of refined oil and by-products.
Hashtag: #YanchangPetroleum
The issuer is solely responsible for the content of this announcement.
