“NEW ERA, NEW ACHIEVEMENTS” UNITED ENERGY GROUP HOLDS THE 2019 Q1 MEETING
On 20th April 2019, United Energy Group (UEG or the Group) successfully held the 2019 Q1 Meeting at Hong Kong and Beijing headquarters. The meeting summarized the operation and management works of UEG in the first quarter of 2019, reviewed the development history of the Group and proposed the blueprint for future works. The meeting was attended by senior executives of UEG, including Zhang Hongwei, Chairman of the Board, Rachel Zhang, Executive Director of the Board, Meng Muyao, Expert Consultant to the Chairman, Zhu Junfeng, Chief Executive Officer, and some other management team members from Beijing and each asset worldwide.
The Board of UEG highly appreciated the performance of assets in Pakistan, Egypt, Iraq, etc. in the past season. Through the close cooperation among the teams in different asset, UEG witnessed marvelous achievements in exploration, operation and management. Particularly, in March 2019, the Group completed the acquisition and merging of the assets of Kuwait Energy Company plc. (KEC) in Middle East and North Africa (Mena), with a transaction value of approximately $1 billion in total. And the whole process since the first negotiation of both sides lasts only for 30 days. Now, UEG has successfully transformed into a medium-sized independent international oil & gas company and entered the richest market of oil & gas to compete and cooperate with industrial majors globally.
Zhang Hongwei, Chairman of the Board, commented on the Q1 performance, reviewed the development history and pictured UEG’s strategic plan in the future. He illustrated, “This meeting has great significance for UEG. In the past quarter, we not only made extraordinary achievements in exploration and operation, but also completed the acquisition and merging of KEC successfully. Currently, we have assets in Pakistan, Egypt, Iraq, etc., covering an area across South Asia, Middle East and North Africa, which are shaped in a triangle. The growth of assets also brought the growth of teams. Besides Hong Kong, Beijing and Pakistan, we now have expertise and experienced new teams in Egypt and Iraq as well. Looking back to the history, it is the cooperation among different teams that contributed to UEG’s fast development. In the future, I hope the new teams can have in-depth communication and enhance the cooperation with existing teams, so as to make more significant contributions to the Group. For next step, we shall maintain the collaborative and pragmatic atmosphere of our company, explore more deeply in exploration and development projects and import innovative information and intelligent technologies, so as to realize the consistent increase of our production. Meanwhile, we shall also pay attentions to the development of new businesses in the field of Energy Trading and LNG. I believe that we will definitely make greater achievements in the future as long as we keep our corporate spirits “Unite, Explore, Pursue and Transcend” in mind.
2019 is the beginning year of UEG’s blueprint to accomplish historic developments through stable operation and seizing opportunities. In the future, United Energy Group will leverage its strong operation and management capabilities to build up itself a mature “Fast Growing Medium-sized International Energy Group” that can make greater achievements.