Recently, a consortium formed by Bank of Kunlun, Bank of China, Urumqi Bank, Huaxia Bank, and ZPEC held a Project Loan signing ceremony in Wensu County, Aksu, Xinjiang Province. The four banks jointly provided a loan of RMB 1.8 Billion (~USD $268 M) for the development and construction of Wenbei Oilfield Wen 7 Project. Sufficient capital guarantees for the project will greatly increase the pace of oil and gas production in this block.  

The signing ceremony was held online and offline simultaneously. Mr. Li Chundi, the Chairman of ZPEC , Mr. Yao Guicheng, the Senior Vice President, Mr. Zhang Zhongwei, the Vice President, as well as Mr. Li Xuesong, the General Manager of ZPEC (Aksu) Oil & Gas Company, and representatives of the four banks attended the ceremony.  Chairman Li Chundi said that energy is one of the country’s strategic materials as well as the lifeblood of the national economy. Owning to the active response to the National Energy System Reform, as well as the strong support from the various financial institutions, enabled ZPEC (Aksu) Oil & Gas Company to reach today's achievements. ZPEC will now further accelerate the development and construction of the Wen 7 Block and strive to increase oil and gas production.

Afterwards, representatives of the four banks made speeches respectively.  They pointed out that the Zhongman Wensu Project had achieved unprecedented good results since it was put into operation, showing a good development prospect. They were very willing to participate in the subsequent development and construction of the project. Mrs. Chen Yan, the Deputy President of Urumqi Bank Aksu Branch, said that she and her colleagues have been following up on the project since 2018. This time, the bank originally planned to invest RMB 200 Million (~USD 29.8M), but they later increased the loan to RMB 400 Million (~USD 59.7M) after careful evaluation.

Mr. Zhang Zhongwei expressed his sincere gratitude to the financial institutions for their trust and support. He said that the successful signing of the contract has far-reaching significance not only for the exploration, development, and production of the Wen 7 Block but also for the Wenbei Oilfield. After the funds are in place, the increase oil and gas production and capacity construction will not only help the company, but also make greater contributions to the development of the local economy.

Since the exploration and production of the Wensu Project started in 2018, ZPEC has achieved outstanding results with the strong support of local governments at all levels. The Wen 7 Block, which has obtained the loan this time, has a proven crude oil geological reserve of 30.11 million tons and a proven natural gas geological reserve of 449 million cubic meters. It is classified as a medium-sized oil and gas field according to the national oil and gas field reserve scale. It was issued a "Mining License" by the Ministry of Natural Resources in October 2021. In March this year, the project was selected as a key project in the Xinjiang Uygur Autonomous Region, becoming the only new energy project in the autonomous region that was successfully declared by a private company this year.

（ZPEC Oil & Gas Sector/ Shang Zhigang)