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CNPC and China National Coal Group Corp. (ChinaCoal) sign strategic cooperation framework agreement

2010-3-5

 
On March 3, a strategic cooperation framework agreement was reached between Petrochina and China Coal Energy Company Limited (CCEC) in Beijing. By drawing on their respective advantages, the two parties will expand cooperation in terms of mutual supply of products and material purchasing.

CNPC President and also Petrochina Chairman Jiang Jiemin and ChinaCoal Chairman Wu Yaowen were present at the signing ceremony. Zhou Jiping, CNPC Vice President and also Petrochina President, and Wang An, Chinacoal President and also CCEC Chairman, delivered speeches respectively. Petrochina Vice President Liu Hongbin and CCEC President Yang Lieke signed the agreement.

For years, CNPC and ChinaCoal have kept a good cooperation relationship and have favorable cooperation potential in new energy, mutual supply of coal and oil and joint venture development. Signing of the agreement reflects a principle of win-win partnership and complementary advantages for common development, and is of great significance to both sides. It is also favorable to enhance the competitiveness and overall competence of the state-owned economy so as to guarantee the nation's energy safety.

ChinaCoal is the second largest conglomerate in China's coal industry supervised by State-owned Assets Supervision and Administration Commission of the State Council (SASAC). It's core businesses comprise: coal production and trade, coal chemical, pit-mouth power generation, coal mine construction, coal mining equipment manufacturing, coal-bed methane exploration and relevant engineering technical services. CCEC is exclusively initiated by ChinaCoal and was successfully listed in Hong Kong on December, 2006 and finalized A Share issue in February, 2008.
 

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