Ivanhoe forms alliance with China International Trust & Investment

The Vancouver, BC-based Ivanhoe Energy Inc. said it has finalized an alliance with China International Trust & Investment Corp., Beijing, to explore and develop oil, natural gas, coal, LNG, and gas-to-liquid projects in China.

May 7, 2003

By OGJ editors

HOUSTON, May 7 -- The Vancouver, BC-based Ivanhoe Energy Inc. said it has finalized an alliance with China International Trust & Investment Corp., Beijing, to explore and develop oil, natural gas, coal, LNG, and gas-to-liquid projects in China.

The new agreement builds upon an initial partnership that the companies formed in October 2002. The alliance will see CITIC Energy, a Hong Kong-based CITIC subsidiary, combine resources with Sunwing Energy, Ivanhoe's China subsidiary.

This will accelerate Sunwing's exploration and development projects in China, including Dagang oil field and the Zitong and Yudong gas projects in the Sichuan basin. CITIC plans first to directly invest in Dagang's development.