CITIC Resources
CITIC Resources Holdings Limited (Chinese: 中信资源控股有限公司; pinyin: Zhōngxìn Zīyuán Kònggǔ Yǒuxiàn Gōngsī) is a Hong Kong-based natural resources company and a red chip subsidiary of the CITIC Group, one of China's largest state-owned conglomerates. Established in 1997, the company has evolved from a metals trading firm into a vertically integrated natural resources enterprise engaged in oil, coal, aluminum, and commodities trading.[1] Corporate affairsCITIC Resources is majority-owned by CITIC Limited, which holds approximately 59.5% of its shares.[2] As a red chip company, it operates with Chinese state backing but is incorporated and listed in Hong Kong. The company’s chairman is Mi Zengxin. The company is listed on the Hong Kong Stock Exchange under stock code SEHK: 1205. HistoryIn 2007, CITIC Resources acquired oil assets in Kazakhstan and Northeast China from its parent, CITIC Group, for US$1.15 billion.[3] This strategic shift transformed the company from a metals-focused entity into an energy producer. CITIC Resources has since positioned itself as one of the leading Chinese oil producers after PetroChina, Sinopec, and CNOOC. OperationsCrude oilCITIC Resources holds upstream oil assets in:
These projects provide steady oil production and contribute a major share of the company’s revenue.[4] CoalThe company holds stakes in several coal operations:
AluminumCITIC Resources is a joint venture participant in the:
Commodities tradingThe company remains active in:
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