On April 15, the reporter learned from CNPC Captive Property Insurance Co., Ltd. ("the Captive Insurer") that the company had reached an agreement with the State Insurance Company of Turkmenistan and successfully underwrote a share of the insurance for the Group's Amu Darya Right Bank project, generating premium income of RMB 3.41 million. The Captive Insurer thus became the first Chinese insurance company to enter the Turkmenistan insurance market.

　　The State Insurance Company of Turkmenistan is the country's only insurance company. For reasons of rating and qualification control, the Turkmen state insurer had previously always chosen British insurance companies for reinsurance cessions and had not yet cooperated with any Chinese insurance company. As the captive insurer of the project's parent company, the Captive Insurer possesses rich energy insurance underwriting experience and ample underwriting capacity, performs an important risk management function, and gained the recognition of the Turkmen state insurer.

　　This cooperation was reached with the strong support of the Group's overseas segment and the Amu Darya project, representing new progress in the integration and optimization of the Group's overseas project insurance business. As of March this year, the Captive Insurer's overseas business coverage had expanded to 27 overseas projects in 17 countries.

Source: China Petroleum Online, 2017-04-19