Poly-GCL

POLY-GCL adheres to the truth-seeking, pioneering and innovative corporate culture, and actively responds to the call of the“Cooperation of Production Capacity Program” and “the Belt and Road Initiative”proposed by China. In doing so, it has contributed to the diversification of energy supplies, clean energy consumption and the deepening cooperation among countries participating in “the Belt and Road Initiative”.In accordance with the strategy of integration of up-middledown stream and domestic-international businesses, POLY-GCL has set up its mission of practicing GCL clean energy strategy,developing global oil and gas market, providing first class storage and transportation services. POLY-GCL strives to be a leading private oil and gas developer, storage and transportation service provider, trade dealer, and end use operator in China. The company will set up a platform of integrated businesses mentioned above.

 

POLY-GCL signed5 production sharing agreements with the Ministry of Mines of Ethiopia on November 16, 2013. All 5 documents have taken effect and are being implemented now. The whole project has three components: exploration and development, long distance pipeline transportation and the establishment of LNG plant.The oil and gas produced will be transported through the Ethio-Djiboutian pipeline to the LNG plant in Djibouti. For phase one,annual production will be: 3 million tons of LNG and 300,000 tons of condensate oil; CAPEX investment of 4.3 billion US dollars;and the project going into production by 2020. In the future, the project will achieve the goal of 10 million tons of LNG per year.