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The United Energy Group (UEG) (SEHK: 467) is a Chinese oil & gas exploration and production company. The company pursues projects in Pakistan and Indonesia and is looking into further investment options in South East Asia and the Americas.
This change was positioned as part of a commitment to the energy transition, alongside ambitious sustainability targets, including a pledge to invest $5 billion in new energy products and lower-carbon services by 2030 and a non-binding commitment to achieve carbon neutrality by 2050. [4]
United Energy is a Victorian energy network that distributes electricity across east and south-east Melbourne and the Mornington Peninsula to more than 640,000 customers, 90% of which are residential. Its network includes 209,000 poles and over 13,000 kilometres of wires.
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In 2011, United Energy Group acquired the Pakistani assets of BP and BP Pakistan was renamed as UEP. [2] [3] A year later, in 2012, UEP secured a credit line of $5 billion from China Development Bank for its Pakistani operations and other potential acquisitions. In March 2018, UEP acquired OMV's gas fields in Pakistan for US$192 million. [4]
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