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16th of May 2012

Chinese oil companies form joint captive

Vicky Beckett 05/01/2012

PetroChina and China National Petroleum Corporation (CNPC) signed an agreement on 4 January to establish a joint captive and have applied for approval from the China Insurance Regulatory Commission.
 
The registered capital of the company will be RMB 5bn.
 
Once this is completed the equity interests the captive would be held as to 51% by CNPC, having contributed RBM 2.55bn, and as to 49% by the PetroChina, having contributed RBM 2.45bn.
 
Subject to the approval of China Insurance Regulatory Commission, the captive is intended to be engaged in property insurance, liability insurance, credit insurance, guarantee insurance, short term health insurance, accident insurance, the reinsurance of those insurance businesses and the use of insurance funds.
 
The captives will have six board members. Three of these will be nominated by each company.
 
The supervisory committee will have three members, one being the supervisor representing the employees.
 
There will be one general manager and several members of senior management of the captive.

Tags: PetroChina

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Bill Ford 06/01/2012 12:58pm

What is the domicile? Red China?

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Kaylie 14/01/2012 2:11pm

There is a critical shortage of inoframtvie articles like this.

» Report this comment

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