United Energy Group and Trafigura Sign Strategic Cooperation Agreement
Hong Kong, 17th June 2024: United Energy Group Ltd ("UEG") and Trafigura Pte Ltd ("Trafigura") have signed a Framework Agreement For Supply and Collaboration (“Framework Agreement”) to develop a strategic relationship based on their strengths and resources. This collaboration intends to support UEG's long-term growth and global expansion in the conventional and clean energy sectors. Mr. Zhang Hongwei, Chairman of UEG, Mr. Ben Luckock, Trafigura’s Global Head of Oil, and other representatives from the two companies attended the signing ceremony.
Mr. Zhang Hongwei, Chairman of UEG, welcomed the guests to Hong Kong and expressed gratitude to both teams for attending the signing ceremony and their unwavering efforts. In his speech, he said, "This year marks the tenth year of UEG and Trafigura’s collaboration. Over the past decade, UEG has evolved from a single-asset E&P company into an international energy group with both conventional and clean energy assets. Simultaneously, the partnership between UEG and Trafigura has grown from a single trade cooperation to a comprehensive strategic collaboration. Looking forward to the next decade, I am confident that UEG and Trafigura will stand shoulder to shoulder in creating an even brighter future!"
Mr. Ben Luckock, Trafigura’s Global Head of Oil said: “Trafigura is pleased to extend and expand its strategic cooperation with UEG which is aimed at fostering their growth strategy as both a conventional and clean energy provider.”
Under the Framework Agreement, UEG and Trafigura will engage in closer, long-term collaboration in multiple fields, including off-takes, debt financing for acquisitions, financing and commercial support for general trading activities in traditional oil and gas markets as well as clean energy projects.
In recent years, UEG and Trafigura have worked together on various transactions and the signing of the Framework Agreement intends to drive deeper synergies between UEG and Trafigura and strengthen collaboration for mutual success.
Looking ahead, UEG will continue to leverage its expertise in investment and M&As, operations management, and technological innovation and combine Trafigura's resources and strength in the global commodity trading field to jointly drive progress on global energy and environmental challenges. To achieve its dual-wheel strategy of growing its business in the conventional and renewable energy sectors, UEG will acquire high-quality assets overseas, leverage innovative technologies to reduce emissions and transform into a multi-energy company, thus creating long-term value for all its stakeholders.
UEG is one of the largest integrated independent energy companies listed in Hong Kong, with operations in South Asia, the Middle East, North Africa, and Europe. UEG is engaged in upstream oil and natural gas, clean energy and other energy-related businesses. The Group has a diverse international team, with strong technical and management skills. While achieving rapid business development, UEG actively invests in its local communities and provides energy to promote human progress safely and responsibly.
Trafigura is a market leader in the global commodities industry. Trafigura is at the heart of global supply, and connects producers and consumer of vital commodities efficiently, reliably and responsibly. Across Trafigura’s global network, it deploys infrastructure, logistics and an understanding of markets to supply the resources needed to power and build the world.