CHK Oil Limited (Stock Code: 632) announced that its indirect subsidiaries, Liaoning Port Oil Technology Co., Ltd. (Port Oil) and Palm Energy (Hainan) Co., Ltd. (Palm Energy), each signed a 10-year service agreement with Zhejiang Dumei Electronics Technology Co., Ltd. (Dumei) on 24 November 2025. According to the announcement, Port Oil will focus on market development services while Palm Energy will provide technical support and jointly develop patented technologies with Dumei.

Port Oil’s service fee is set at 15% of total sales revenue from Dumei’s intelligent oil and gas extraction equipment, with the specific rate subject to market conditions. Palm Energy’s service fee is 10% of total sales revenue. Under both agreements, Dumei has granted exclusivity to Port Oil for market development and to Palm Energy for technical services to the customers identified through Port Oil.

The announcement states that Dumei engages in manufacturing and selling intelligent oil and gas extraction equipment and is independent of CHK Oil Limited. The company’s board anticipates that these agreements will enhance income sources and diversify the business. They highlight that the arrangements align with the Group’s strategic direction and existing expertise in oil exploration and production.