Interra Resources Limited has signed an MOU with Sany South East Asia Pte Ltd which is a fully owned subsidiary of Shanghai-headquartered Sany Heavy Industry Co. Ltd., a global manufacturer of light-to-heavy industry equipment with a portfolio of energy assets.
The partnership aims to:
- Invest in businesses & assets in the oil & gas industry, develop and sell equipment that meet the production needs of upstream and downstream energy players, and jointly invest in related projects; and
- Focus on developing the "One Belt, One Road" area, which is China’s ambitious initiative in linking Asia and Europe via the Central and Eurasian land belt.
This deal brings together two players well-established in their respective fields. Interra Resources is currently one of the largest independent oil & gas players in Southeast Asia, with entrenched interests in Myanmar and Indonesia. Sany Heavy Industry Co. Ltd is a world-leading manufacturer and distributor of engineering machinery products and accessories and is listed on the stock exchanges of Shanghai and Hong Kong.