Baineng International Energy (08132) announced that on October 19, 2023, the company (as buyer) conditionally entered into a natural gas purchase and marketing cooperation framework agreement with the seller Shandong Gaochuang Energy Development Co., Ltd. (as seller). The seller has agreed to supply and the company has agreed to purchase natural gas.
It is understood that partnering with sellers who have been engaged in natural gas supply to other parties will enable the Group to capitalize on its natural gas trading experience and consolidate its position in China's energy business to achieve sustainable growth. The Group's large-scale purchase of natural gas from sellers and the diversification of supply sources will help the Group to further strengthen its control over sales and operating costs.