On August 12, the chairman of China Sam Enterprise Group (hereinafter referred to as “Sam Group”) hold a meeting with Hu Guoqiang, the Party Committee Secretary and chairman of Xinjiang Energy Group. Two sides conducted in-depth discussion about the cooperation in the energy industry. Lu Hang, the chief engineer of Xinjiang Energy Group, the relevant person in charge of the petroleum and natural gas company and the office of the Group as well as the relevant personnel of Sam Group attended the meeting.

Hu Guoqiang warmly welcomed the chairman of Sam Group and his party, and basically introduced the Xinjiang Energy Group. He pointed out that as an energy enterprise in Xinjiang, the Group shoulders the task of promoting Xinjiang's social and economic development. At present, Xinjiang Energy Group is experiencing a critical period of focusing on its main responsibility, returning to its main business, and the reform and development yielding effectiveness on projects. In such context, he hoped to make full use of the resource advantages of both sides to make cooperation in energy exploration, utilization and trade through information sharing in the fields of energy development, and achieve a win-win cooperation and development on the basis of mutual trust and benefits.

The chairman of Sam Group said, Xinjiang Energy Group and Sam Group are highly compatible in terms of their business scopes.There is a vast space of cooperation for both sides especially in oil and gas exploration and trade. Sam Group will combine the strategy of Xinjiang Energy Group and facilitate its high-quality development with the most professional technology and excellent management team.

After the meeting, the oil and gas subsidiary of Xinjiang Energy Group signed a framework cooperation agreement with Sam Group. Two sides plan to establish a joint venture to conduct in-depth cooperation in terms of oil and gas sales, trade, exploration, development and operation.