On May.16th, Sinochem and China Export Credit Insurance Company (Sinosure) signed insurance contract on Sinochem's UAQ gasfield project. Han Gengsheng, vice president of Sinochem and Liang Zhidong, vice president of Sinosure were present at the signing ceremony. Mr. Han and Sinosure's assistant manager Zhang Weidong signed the contract for each party.
UAQ gasfield is Sinochem's important strategic movement. It is also Chinese oil company's first oil and gas production project in the middle east. On Mar.21st, 2006, the formal agreement was signed. The overall investment volume will surpass USD 130 million and the project will be put into operation by the end of 2007 as planned.
To safeguard the project's smooth operation and the state investment's security, Sinosure displays its excellence in information service and risk management. It also developed new business pattern based on UAQ gasfield's characteristics.
In recent years, in the process of globalization, Sinochem has developed sound strategic partnerships with Sinosure. The signing of the UAQ contract paved solid ground for two parties' future double win.