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Invested US$150 Million in Sino-Mex Energy Fund to Participate in Upstream Energy Projects

soruce:manager    click:5320    time:2014-11-14

(13 November 2014, Hong Kong) A leading global land drilling rig manufacturer – Honghua Group Ltd. (Stock Code: 196.HK) (“Honghua” or the “Group”), is pleased to announce that Sichuan Honghua Petroleum Equipment (H.K.) Limited, an indirect wholly-owned subsidiary of the Company has committed to make an investment of US$150 million (the “Capital Commitment”) in Sino-Mex Energy Fund (the “Fund”) by way of a subscription for interests in fund, and will become a Limited Partner of the Fund. In addition, the Company’s initial capital contribution shall not be greater than 5% of the Capital Commitment.



Sino-Mex Energy Fund shall mainly invest in the business activities recommended by P.M.I. Holdings B.V., (“PMI”), the offshore subsidiary of Petróleos Mexicanos (“PEMEX”), including:



1.    Energy infrastructure projects (including but not limited to offshore and land drilling related facilities in the gulf of Mexico, oil and gas pipelines throughout the territory of Mexico and LNG liquefaction plants, etc.);


2.    Exploration and production of oil and natural gas (including but not limited to the redevelopment of mature oil fields in Mexico, exploration and exploitation of new oil fields and shale gas, etc)



The Mexican government has issued relevant documents to propel the energy reform and related investment across the country, including “National Energy Strategy 2014-2028” and “National Infrastructure Plan 2014-2018”. Following the implementation of Mexican energy reform, the energy field will be officially open to private and foreign investments, covering the areas of electricity, renewable resources, and various parts like exploration, production, refining, transportation and storage in the oil and gas field. According to the data from EIA, except Arctic Circle, the gulf of Mexico is the largest oil zone yet to be developed. Looking forward, Mexico is expected to become the top 5 oil producers from the 9th largest oil producer of the world at present. Some business associations in Mexico estimated that the Mexcian energy reform will attract additional US$20 billion foreign investment annually into this field.


Mr. Zhang Mi, Chairman of Honghua commented, “Sino-Mex Energy Fund is the energy investment fund highly regarded by both PRC and Mexican governments and participated and led by PEMEX and leading companies in oil and gas equipment industry. Honghua is pleased to join and cooperate with different leading enterprise in the industry to propel the growth of the gulf of Mexico market, which owns abundant energy reserve and huge potential in oil and gas exploration and exploitation. Leveraging on the excellent R&D capability and technique, as well as the innovative and cost efficient production equipment, Honghua is confident to actively seek and bid the sales contract of onshore and offshore equipment that PEMEX purchased through the Fund, including land drilling rigs, module drilling rigs, offshore drilling platforms, offshore drilling packages and offshore supporting vessel etc.”



Mr. Zhang continued, “Sichuan Branch of the Export-Import Bank of China has offered Honghua a letter of interest of financing to this investment project, indicating that they are willing to consider providing credit and loan support when the project is approved. We believe this fund investment is not only beneficial for Honghua to participate in upstream energy projects to further achieve the long term strategy of business diversification, but further enable the Group to grasp the great potential opportunities arising from energy reform in Mexico and consolidate its position and expand the market share in Latin American market, as well as to expand into the enormous Mexican and North American markets. It will also deepen the global business distribution of the Group and provide motivation for the long-term and stable development of the Group.”  




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About Honghua Group Limited (Stock Code: 196.HK)


Honghua is one of the largest land drilling equipment manufacturers in the world, which is primarily engaged in manufacturing conventional land drilling rigs, digital drilling rigs, accessories of drilling rigs, as well as the parts and components for the drilling rigs or for the maintenance of the drilling rigs in operation. Leveraging on the strong R&D strength, high-quality production facilities and mature international sales network, the Group’s products have been sold to a large number of famous enterprises all over the world, including major oil-production regions such as North America, Middle East, and emerging markets including South America, India, Russia, China, Africa. In 2013, the overall construction of the base located in Qidong County, Jiangsu Province progressed well, among which the dock basin project has passed the examination of related departments and the overall lifting of “Honghai crane” is expected to complete in 2015. Based on the existing solid foundation of the drilling rigs equipment, Honghua will implement diverse development strategies, and expand to become the integrated enterprise which is involved in the interaction development of three major sectors, including onshore and offshore areas, equipment manufacturing and oil and gas resources development (especially the unconventional oil and gas area), as well as engineering services.




About P.M.I. Holdings B.V.


P.M.I. Holdings B.V., (“PMI”), the offshore subsidiary of Petróleos Mexicanos (“PEMEX”), is the overseas investment and operation platform of PEMEX. PEMEX is the only petroleum chemical engineering enterprise in Mexico as well as the state-owned enterprise that manages the industries of petroleum, natural gas and basic petroleum chemical engineering. PEMEX ranked No. 34 among Fortune 500 in 2012, and is also the second largest chemical engineering enterprise in Latin America.



For further information, please contact:



Honghua Group Limited


Ms. Xiaoqi Ji


Tel: (852) 2520 5933 / (86 28) 8601 5242


Fax: (852) 2528 3929/ (86 28) 8601 3847


Email: ir@hhcp.com.cn


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