Singapore, 3 March 2008 - Ruihua Petrochemical Co., Ltd., the subsidiary of R H Energy Ltd, has entered into a share transfer agreement to acquire a 68.5% interests in China Oil Zhong Zhou Engineering Supervision Co., Ltd.
Zhong Zhou is a Class-A supervision enterprise that provides inspection supervision services in the construction and installation engineering of the oil and gas industry in the PRC. Since established in 1993, Zhong Zhou has successfully undertaken several national oil and gas transportation pipeline projects, e.g. West to East Gas Pipeline Project, West Crude Oil and Product Oil Pipeline Project, A Du Crude Oil Pipeline Project and East Sichuan Gas Transmission Pipeline Project etc., and completed city gas transportation and distribution projects of Beijing, Liaoning, Shandong, Hebei, Henan, Hunan and Hubei Provinces.
By acquiring Zhong Zhou, the Group as a whole would expand its services beyond engineering design and equipment integration services to include inspection capabilities required for the oil and gas industry. The acquisition is in line with our growth and expansion strategy, which will further enhance its competitive advantage to lead engineering, procurement and construction (EPC) projects. |
