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Tongyuan Petroleum will spin off North American loss-making companies

 Last Update: 2021-06-16
 Source: Internet
 Author: User

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Sinochem News Network News on June 7th, Tongyuan Petroleum announced that the company's US holding subsidiary TWG intends to transfer 100% of its subsidiary API to ACI at a price of approximately US$16,666,700
.

Regarding the reasons for the sale, Tongyuan Petroleum stated that on the one hand, after the outbreak, foreign anti-epidemic capabilities and economic recovery capabilities are not as good as those in China.
At the same time, China has proposed a strategic pattern that focuses on internal circulation in 2020, especially in future oil and gas exploration and development efforts.
It will continue to increase, and the company's development strategy will be adjusted accordingly to stabilize foreign business and focus on domestic development
.

On the other hand, when API was acquired in 2013, it was one of the few oil and gas service companies in the United States that mastered horizontal well pumping and perforating segmentation technology.

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