On October 29, 2024, Geo-Jade Petroleum Corporation ("Geo-Jade") signed a strategic cooperation agreement with Mercuria Asia Group Holdings Ltd. ("Mercuria"), a globally renowned commodities trading group. The two parties will establish a long-term, comprehensive strategic partnership, leveraging their respective strengths to achieve resource sharing and complementary advantages, injecting new vitality and innovation into the energy industry across EMEA Region.

Source of the picture:https://mercuria.com/about-us/

The partnership between Geo-Jade Petroleum Corporation and Mercuria is established within the framework of the Belt and Road Initiative, aiming to leverage their extensive experience in the oil and gas sector and global resource networks to advance energy project development in Belt and Road countries and enhance the overall quality of the local energy industry. Through this strategic agreement, Geo-Jade will share high-quality upstream oil and gas project development and collaboration opportunities in Belt and Road regions with Mercuria, drawing on its established resource network, operational experience in upstream oil and gas exploration in Central Asia, the Middle East, and Southeast Europe, and its international, professional teams.

As a leading global commodities trading group, Mercuria will bring its world-class trading platform and technical systems to support Geo-Jade in expanding into the midstream and downstream oil and gas sectors, including refining, storage, transportation, and trade. This collaboration will help Geo-Jade strengthen its position as an internationally influential energy company, not only consolidating its standing in the traditional oil and gas sector but also jointly exploring new growth opportunities in clean energy and renewable technology transitions. Additionally, the partners plan to increase investments in energy transition, innovative energy technology, and carbon reduction technologies, advancing green and low-carbon development.

Source of the picture:https://mercuria.com/what-we-do/our-regions/asia-pacific/

In terms of the cooperation model, both parties have agreed to deepen their partnership on the existing foundation by establishing long-term mechanisms for closer collaboration in crude oil and other commodities trading, structured financing, and joint mergers and acquisitions. Mercuria has provided Geo-Jade with a financing support letter, further strengthening their strategic cooperation and leveraging Geo-Jade's resource network in relevant regions to offer robust financial backing for its oil and gas project development. Additionally, Mercuria plans to expand its crude oil trading footprint across Belt and Road countries through this enhanced collaboration with Geo-Jade, aiming to increase its business scale and market reach.

Source of the picture:https://mercuria.com/what-we-do/our-regions/asia-pacific/

To ensure smooth progress in their collaboration, Geo-Jade Petroleum and Mercuria will jointly establish a dedicated working group. Through regular executive meetings, information sharing, field visits, and other communication methods, the working group will strengthen coordination and cooperation on projects. This team will engage in in-depth discussions on transaction arrangements, structural design, and implementation models for each cooperative project, ensuring efficient operations and successful project execution.

At the signing ceremony, Mr·Dai Xiaoping, CEO of Geo-Jade Petroleum, stated, "The partnership between Geo-Jade and Mercuria will further enhance our resource integration capabilities and project management level along the Belt and Road regions. Through this strategic collaboration, we aim not only to advance our mutual business interests but also to support high-quality, sustainable development in the energy sectors of Belt and Road countries, reinforcing the position of Chinese companies in the global energy industry."