China National Coal Group

China National Coal Group
Formerly called
  • China National Coal Industry Import and Export Corp.[1]
  • China National Coal Group Corp.
State-owned enterprise
Industry Coal mining
Founded 1982[2]
Headquarters Beijing, China
Area served
 China
Key people
 Li Yanjiang (Chairman & Party Committee Secretary)[3]
Products Coal
Services Coal production
Owner Chinese central government (100%)
Parent SASAC of the State Council
Subsidiaries
Website chinacoal.com
China National Coal Group Co., Ltd.
Simplified Chinese 中国中煤能源集团有限公司
Traditional Chinese 中國中煤能源集團有限公司
Literal meaning China Coal Energy Group Limited Company
China Coal Group
Simplified Chinese 中煤集团
Traditional Chinese 中煤集團
China Coal
Simplified Chinese 中煤
Traditional Chinese 中煤

China National Coal Group Co., Ltd. known as China Coal Group is a Chinese coal mining conglomerate that was supervised by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council. It was the second largest state-owned coal mining enterprise in the mainland China, and the third largest in the world, just after Shenhua Group in 2008, according to a website quoting Xinhua News Agency.[5] It is engaged in coal production and sales, coal chemicals, coal mining equipment manufacturing, coal mine design and related engineering services.

In 2009 the corporation was re-incorporated as a limited company.[2] The group also acquired Shanxi Huayu Energy in the same year. China United Coalbed Methane, a joint venture of China Coal Group and PetroChina, became a wholly owned subsidiary of China Coal Group also in 2009. At the same time PetroChina acquired some assets from China United Coalbed Methane.[6][7] China Coal Group later sold China United Coalbed Methane to China National Offshore Oil Corporation in tranches from 2010 to 2014.

China Coal Group's subsidiary, China Coal Energy, is listed on the Hong Kong Stock Exchange since 2006 and the Shanghai Stock Exchange since 2008.[2] China Coal Group retained the stake in "China Coal Heilongjiang Coal Chemical Engineering Group" (Heilongjiang Coal Chemical Group, Chinese: 中煤黑龙江煤炭化工(集团)有限公司) and an equity investment in Taiyuan Coal Gasification Group (Chinese: 太原煤炭气化(集团)有限责任公司, 47.67%), as they still provide coal gas to the citizen on non-for-profit basis.[8] China Coal Group later acquired 3.9% stake of Taiyuan Coal Gasification Group from fellow central government owned China Cinda Asset Management, but in 2013 transferred 16.18% stake to SASAC of Shanxi Province without compensation. As at 31 December 2015, China Coal Group owned Taiyuan Coal Gasification Group 35.39% stake as the second largest shareholder.[9]

In 2014, China Coal Group promised to inject "Heilongjiang Coal Chemical Group" and "Shanxi Huayu Energy" to the listed company in order to avoid competition.[10] However, as at 2016 they were remained in the unlisted portion of the group, but the promise would remain valid until 2021. Nevertheless Heilongjiang Coal Chemical Company, another company, was already under China Coal Energy.

In 2016 Shanxi Huayu Energy delayed a week to pay off principal and interest in full for a bond.[11]

See also

References

  1. ↑ CHINA NATIONAL COAL INDUSTRY I/E(GROUP) CORP
  2. 1 2 3 "企业历史沿革" [enterprise history] (in Chinese). China National Coal Group. Retrieved 29 October 2016.
  3. ↑ "公司领导" [Management team] (in Chinese). China National Coal Group. Retrieved 29 October 2016.
  4. ↑ "公司介绍" [About us] (in Chinese). Heilongjiang Coal Industry. Retrieved 29 October 2016.
  5. ↑ "China National Coal Group Corp.: Coal Mining Exploration up 28 percent". paguntaka.org. Archived from the original on 1 August 2008. Retrieved 29 October 2016.
  6. ↑ "2008 Interim Report" (PDF). China Coal Energy. Hong Kong Stock Exchange. 13 August 2008. Retrieved 29 October 2016.
  7. ↑ "公司介绍" [About us] (in Chinese). China United Coalbed Methane. Archived from the original on 27 April 2010. Retrieved 29 October 2016.
  8. ↑ "Pospectus" (PDF). China Coal Energy (in Chinese). Shanghai Stock Exchange. 21 January 2008. p. 117. Retrieved 31 October 2016.
  9. ↑ "2015 Annual Report and 2016 First-quarterly Report". Taiyuan Coal Gasification Group (in Chinese). Chinabond.com.cn. 31 May 2016. Retrieved 31 October 2016.
  10. ↑ "2015 Annual Report" (PDF). China Coal Energy. Hong Kong Stock Exchange. 29 April 2016. Retrieved 29 October 2016.
  11. ↑ "Chinese state-owned coal firm to make good on bond payment". Reuters. 12 April 2016. Retrieved 29 October 2016.

External links

This article is issued from Wikipedia - version of the 11/7/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.