Chinese science and technology to add "oil" to improve the polymer industry chain

China Branch Ying-WA announced today, a wholly-owned subsidiary Songyuan Industrial Co., Ltd. May 17 with the Shanghai Investment Co., Ltd. signed the "Equity transfer Agreement", Songyuan capital of 45 million yuan to buy the latter held by the Beijing World Novi Ted Investment Consulting Co., Ltd. 100% of the equity, further improve the company's polymer industry chain. July 10, 2004, Beijing World Novi Ted and PetroChina Jilin Oil Field Branch signed the "Cooperative Development Dry 122 Oilfield Block contract", the cooperation period of 20 years. The contract said the block is located in the Jilin province Qianan County territory, the oil area 16.7 square kilometers, the proven petroleum geology reserves 4.535 million tons, the plan development construction development production area approximately 15.2 square kilometers. Up to now, there are 27 wells, 1 wells, has completed a complete power grid, road, external transmission and other production systems, with oil recovery, downhole operations, ground maintenance and oil testing and other comprehensive capabilities.　　The contract also agreed that the oil in the area from the beginning of commercial production from the date of production, should be in the first 10 years of cooperation between the Thai and PetroChina Jilin 8:2 Proportion of the distribution of profits, after 10 years by 6:4 of the proportion of distribution of profits. Industry analysis, the Chinese branch of the oil has a unique two reasons: the first is that the oil business can generate a stable cash flow, to improve the financial situation and support the rapid expansion of other businesses, followed by the improvement of the industrial chain to improve profitability of the need.