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NEWS UPDATES 30 November 2009

Chinese firm eyes oil imports from Brunei

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Destination Brunei
Capital Bandar Seri Begawan

Yunnan Challenge Petrochemical Co Ltd, the third biggest oil company in Yunnan, China is eyeing the possibility of importing oil and natural gas from Brunei, in line with the agreement made by the leaders of the two countries in Lithuania in 2008, reported the Brunei Times.

His Majesty Sultan and Yang Di-Pertuan of Brunei Darussalam and Chinese President Hu Jintao agreed to cooperate on energy during the Seventh Asia-Europe Meeting (Asem) Summit in 2008, Lu Baoqiang, chairman of Yunnan Challenge Petrochemical Co Ltd told The Brunei Times yesterday.

"The distance between Brunei and Yunnan is very near, and it makes a lot of business sense for us to import from Brunei. The oil can be transported by sea to Qingzhou harbour province, and then reloaded onto a train to Kunming," said Lu. Kunming is the capital of Yunnan province where the oil company is based.

Lu is part of the Kunming trade delegation which arrived from China yesterday for an overnight visit. The Kunming delegation led by Qui He, the Party Secretary of Kunming Municipal Committee, is in town to witness the signing of an agreement between GoodMiles Sdn Bhd of Brunei and Yunnan Challenge Petrochemical Co Ltd from China.

TC Chun, the managing director of GoodMiles told The Brunei Times that agreement involved the building of a petrol and gas station in Kunming by their company. He said that the signing of the agreement would be the beginning of a long-term cooperation between the two companies, and they are looking to this as a foundation where future business plans could be based on.

Yunnan Challenge Petrochemical Co Ltd is a company under Challenge Enterprise, which is a company in China whose business covers a wide range of industries from Petrochemical to estate and property, trade, sports and culture. The company is also the major shareholder of Canada West Pacific Petroleum Co Ltd, which is involved in petroleum refining and other energy related activities.


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