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Honghua Group and Shenhua Geological Exploration form Strategic Partnership for Unconventional Natural Gas Exploration

soruce:manager    click:7022    time:2013-08-01

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Honghua?Group?Co.,?Ltd.?(HKEx:?HK0196)?announced?on?February?14,?2013?the?establishment?of?a?strategic?partnership?agreement?with?Shenhua?Geological?Exploration?Co.,?Ltd.?on?the?exploration?of?non-conventional?natural?gas.?Under?the? framework?agreement,?both?parties?will?jointly?establish?a?partnership?for?the?exploration?and?exploitation?of?non-conventional?natural?gas.?Each?party?aims?to?fully?upgrade?their?core?technologies?and?build?a?brand?that?can?contribute?to?thedevelopment?of?natural?gas?in?China.

A?fully-owned?subsidiary?of?the?Shenhua?Group,?Shenhua?Geological?Exploration?will?be?the?main?entity?behind?exploration? and?exploitation.?Honghua?Group's?partnership?with?Shenhua?Geological?Exploration?is?such?that?each?party?will?leverage?on?its?advantages.?Both?parties?will?engage?in?long-term?partnerships?with?respect?to?development,?research,?consulting?and?

facilities?in?relation?to?non-conventional?natural?gas.?The?agreement?calls?for?Shenhua?Geological?Exploration?to?pay? management?and?engineering?costs,?while?Honghua?Group?will?provide?operating?staff?and?equipment.?The?latter?will?undertake?all?engineering?work,?and?will?be?responsible?for?providing?the?relevant?technical?training?to?workers?of?Shenhua?Geological?Exploration,?as?well?as?technical?support.

Mr.?Zhang?Mi,?Chairman?of?the?Board?of?Honghua?Group?said:?“Shenhua?Group?is?a?major?energy?company?in?China.?It?is?our?pleasure?to?be?able?to?work?with?them.?Our?partnership?with?Shenhua?Geological?Exploration?will?open?up?significant?opportunities?for?actual?application?of?the?technology?and?equipment?for?the?development?of?non-conventional?natural?gas?in?China? and?even?around?the?world.?”

About?Honghua?Group:

Honghua?Group?Limited?is?a?large-scale?equipment?manufacturer?and?drilling?service?provider,?specializing?in?research,? design,?manufacturing?and?set-assembly?of?drilling?rigs,?offshore?engineering?and?oil?and?gas?exploitation?and?production? equipment.?It?is?China's?largest?exporter?of?drilling?rigs,?as?well?as?one?of?the?largest?land?drilling?rig?manufacturers?in?the?world.

Honghua?was?founded?in?1997.?In?March?2008,?Honghua?Group?was?listed?on?the?Hong?Kong?Stock?Exchange?under?the?code?HK0196,?becoming?the?first?listed?Chinese?drill?manufacturer.?Ever?since?its?founding,?the?Group?has?maintained?devoted?to?moving?away?from?the?traditional?imitation?model?through?innovative?ideas,?and?gaining?success?through?technology?and?innovation.?Honghua?Group?has?set?numerous?firsts?in?China?through?innovation.?In?1997,?it?successfully?developed?the?first?7,000meters?mechanical?drill?in?China.?In?2000,?it?developed?China's?first?DBS?drill?and?helped?upgrade?and?update?DBS?drills?worldwide.?In?2011,?it?successfully?developed?China's?first?floating?drilling?package,?thus?breaking?the?monopoly?in?this?area?by?international?companies,?as?well?as?filling?the?vacuum?in?China?for?drilling?packages?- a?core?component?of?drilling?ships.?

In?2012? Honghua?Group?launched?the?“Honghai”,?the?world’s?largest?mobile?crane.

Honghua?Group?is?headquartered?in?Chengdu,?Sichuan.?Its?land-and?marine-equipment?manufacturing?bases?are?located?in Guanghang,?Sichuan?and?Qidong,?Jiangsu,?respectively.?The?Group?has?subsidiaries?in?the?U.S.,?Russia,?Egypt?and?Dubai,?as?well?as?offices?in?Venezuela,?Colombia,?India,?Indonesia,?Pakistan?and?Kazakhstan,?and?has?established?a?worldwide?sales?and?service?network.

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