YUDONG PRODUCTION SHARING CONTRACT Sample Clauses

YUDONG PRODUCTION SHARING CONTRACT. As part of the CITIC Services, CITIC shall use its best efforts, industrial expertise and PRC government contacts to support Sunwing's efforts to sign and obtain all necessary PRC governmental approvals for, a production sharing contract (the "Yudong PSC") with China National Petroleum Corporation and/or PetroChina Company Limited relating to the Yudong Block located in Eastern Chongqing Municipality, PRC. As soon as practical after the Agreement comes into effect, CITIC and Sunwing shall establish a new company ("Newco") under the laws of the British Virgin Islands that the parties will use as the corporate vehicle for signing and performing the Yudong PSC. The parties shall procure Newco to issue and allot a total of 100 ordinary shares at par value of US$1.00 each, which shall be owned by CITIC as to 30 shares ("CITIC's Newco Shares") and by Sunwing as to 70 shares.
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Related to YUDONG PRODUCTION SHARING CONTRACT

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