China Oil Gangran Announces Two Strategic Agreements

Plans to Acquire 51% Equity Interest in
Shandong Pan-Asia

To Invest in State Key Projects – Yantai Xigang
LNG Projects

Enters into Potential Financing Agreement with
Beijing Qinglu Zhongbing

HONG
KONG SAR – Media OutReach – 12 October 2021 – China
Oil Gangran Energy Group Holdings Limited (“China Oil Gangran” or
the “Company”, together with its subsidiaries, the “Group”, SEHK stock code:
8132), which has received shareholder approval to be renamed “Century Energy International Holdings
Limited”, announces two strategic cooperation agreements in relation to
business development and financing arrangement. With respect to business
development, on 10 October 2021, the Group entered into a non-legally binding
strategic cooperation framework agreement (the “Framework Agreement”) with Yantai
Yindu Industry Co., Ltd. (“Yantai Yindu”) and Shandong Pan-Asia
International Energy Distribution Center Co., Ltd. (“Shandong Pan-Asia”)
which will result in the acquisition of a 51% equity interest in Shandong
Pan-Asia. Through this agreement, the Group will be able to invest in Yantai
Xigang liquefied natural gas (“LNG”) receiving terminal and gas pipelines
projects. Subsequently on 11 October 2021, the Group entered into a non-legally
binding strategic cooperation agreement (the “Cooperation Agreement”) with Beijing Qinglu Zhongbing Asset Management Co.,
Ltd (“Beijing Qinglu Zhongbing”), under which the two parties may establish
funds or joint venture companies to provide funding, if needed, to support the
Group’s future business development needs.

The Framework Agreement about the Yantai Xigang LNG Project is the
first major project the Group has pursued in the field of energy and
environment following its appointment of a new management team comprising
industry heavyweights, marking an important step on the path of business
transformation.

According to the Framework Agreement, the Group proposes to acquire
from Yantai Yindu a 51% equity interest in Shandong Pan-Asia, through which the
Group will invest in the Yantai Xigang LNG receiving terminal and the LNG gas
pipelines projects, as well as obtaining the access rights and operation and
management rights of both projects. After the completion of the acquisition,
the Group plans to develop and operate LNG import and trading business
domestically and internationally where appropriate, and downstream sales and
marketing of LNG in China through Shandong Pan-Asia or its subsidiaries.

Furthermore, in order to broaden the channels
of financing and further reduce financing costs, the Group has entered into a
Cooperation Agreement with Beijing Qinglu Zhongbing, under which the two
parties may establish funds or joint venture companies to source funding in
support of the business development and investment projects of the Group.
Beijing Qinglu Zhongbing may further develop and expand its business by
leveraging its expertise in the financial services business and business
connections, to assist the potential acquisitions and resources integration of
the Group. Beijing Qinglu
Zhongbing was established in the PRC in 2017. It obtained the qualification of private equity investment fund manager as approved by
the Asset Management Association of China in the same year.

Mr. Cheung Yip-sang, the Chief Executive
Officer of the Group said, “We are pleased to announce the two
strategic cooperation agreements which mark a major step in our business
development and financing. It is with much excitement that we will be able to
invest in the construction and operation of Yantai Xigang LNG terminal, a State
key project, to capture opportunities from the “Belt and Road” initiative
and the National 14th Five-Year energy strategic plan. The funding arrangement
we have entered into with Beijing Qinglu will provide us access to new investors
and lower cost of capital when the need arises. 
These two major strides are expected to benefit our business development
and accelerate our business transformation.”