News Column

Landocean Energy to Establish HK Subsidiary

August 7, 2014

BEIJING, August 7, SinoCast -- Landocean Energy Services (SZSE: 300157) plans to establish wholly-owned Landocean Oil (HK) in Hong Kong with self-financed USD 40 million.

With registered capital of HKD 10 million, the subsidiary will mainly take charge of management of international cooperation projects of Landocean Energy, including explorations and cooperations overseas. As an important operating management platform, it will finalize targets overseas, communicate, manage intermediary institutions, work out tax planning, and manage investment and financing capital.

Landocean said it aimed to grow into a comprehensive international oilfield service firm and establishing the subsidiary was a strategic move taken.

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Source: Sinocast Energy Beat (China)

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