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[energy] sam group successfully completed its share purchase of australian wolf oil company
2019-06-17 07:57:22
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on july 15, 2016, according to the latest announcement of wolf petroleum ltd. (asx: wof) of australia, china morita enterprise group co., ltd. (hereinafter referred to as "china morita") successfully acquired the company's equity, formally opening the prelude of cooperation between the two sides in investing and developing mongolian oil and natural gas resources.
as an important strategic material, oil is the lifeblood of social and economic operation and is closely related to our life. as the world's second largest oil consumer and importer, china's dependence on foreign oil imports is about 60%. every fluctuation of international oil prices affects the nerves of investors at home and abroad. the timely holding of wof by morita ensures the acceleration of mongolia's oil and gas exploration and development process, and smoothly imports crude oil into china. it is the implementation of the internationalization development war of morita in china. a slightly important measure will play an active role in promoting the future development of the company. at the same time, it will further broaden and improve china's morita industry chain, enhance comprehensive competitiveness and risk resistance, and achieve long-term strategic development goals, especially in promoting the internationalization of the company and overseas mergers and acquisitions, which will help china's morita industry layout to move upstream of its main business. the exhibition has created convenient conditions for overseas investment.
wolff petroleum company is an australian listed company with management team in mongolia. in 2011 and 2013, wolff petroleum company was awarded the title of "best explorer of the year" by the mongolian petroleum administration. its main assets are three oil fields located in the oil and gas enrichment area of mongolia and it has 100% development rights of three oil fields. the total area of exploration and development license is 74,000 square kilometers. and the output sharing contract approved by the mongolian government.