China’s United Energy buys $4m more oil assets in Pakistan

06 March 2013 08:04  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-listed United Energy Group announced late Tuesday that it has signed an agreement to acquire more interests in Pakistan’s Mirpur Khas and Khipro (MKK) exploration areas to expand its business in that country.

Under the agreement signed on 5 March, United Energy will pay $4m (€3m) to Pakistan’s Zaver Petroleum to acquire its 5.26% working interest in the licence and 3.95% working interest in the lease for the above areas under the MKK petroleum concessions.

After completion of the deal, the company will be the sole operator and major owner of those areas, with a 100% working interests in the licence and 95% working interests in the lease, United Energy said in a statement.

“This will facilitate the implementation of the group’s business plan in respect of the MKK concessions and beneficial to the business of the group,” it said.

United Energy Group mainly focuses on the investment and operation of oil, natural gas and other energy related businesses.

($1 = €0.77)

By: Fanny Zhang
+65 6780 4359

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