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China Petrotech, A Provider Of Technological Solutions And Services For The PRC Oil And Gas Industry Plans Mainboard Listing
Petrotech offers diverse and integrated IT solutions to oil and gas companies in the PRC, with a focus on the exploration (onshore and offshore), development and production of oil and gas. The Group's IT solutions and services include the design and development of standardised software solutions, software customisation, and customers' support services such as maintenance, upgrading and training services. Its standardised software solutions can be broadly classified into data collection and transmission systems, data management systems and data application systems.
Through its R&D team, software development capabilities and extensive knowledge of the oil and gas exploration, development and production processes, Petrotech is able to design and develop standardised and customised IT solutions for their customers. This capability is enhanced through the Group's collaboration with consultants from renowned institutions in the PRC, enabling Petrotech to tap on their relevant expertise and experience.
The Group focuses on developing effective IT solutions beginning from the basic level of data collection, to the intermediate level of data management, followed by the advanced level of data application.
Major customers of the Group include leading oil and gas companies in the PRC, such as the subsidiaries, branches and associated companies of the PetroChina Group, the Sinopec Group and the CNOOC Group. As testament of Petrotech's capabilities, CNPC and PetroChina have issued joint directives, requiring their exploration teams to use one of the Group's software solutions, namely the Logging Data Organisation System as their standard operating procedures for gathering and sorting logging data.
For the financial year ended December 31, 2003 ("FY2003"), the Group recorded revenue of RMB41.7 million, a 176.2% increase from the RMB15.1 million recorded in FY2002 as a result of strong demand for its software solutions. The Group's net profit also increased by more than three-fold from RMB6.3 million in FY2002 to RMB30.1 million in FY2003.
Looking ahead, Petrotech intends to broaden its range of software solutions in the oil and gas upstream sector through greater research and development activities. In line with its vision of becoming a leading provider of technological solutions and services in the oil and gas industry, the Group intends to offer technical support services and consulting services that meet the needs of its customers. The Group is also exploring opportunities to develop and sell certain oil/gas exploration and production equipment that can be integrated with its software solutions. The Group has plans to increase its coverage in the PRC market as well as expanding overseas with its customers.
Kim Eng Capital Pte. Ltd. is the Manager, Underwriter and Placement Agent for Petrotech's Initial Public Offer.