As a rapidly expanding energy company, H. Sterling Group is partnering with Golden Concord Holdings Limited (GCL) to integrate its natural gas activities under a new, gas-focused conglomerate, GCL Gas Group.
GCL Gas Group was established on May 31, 2020. Eric Wang, chairman of H. Sterling Group, was appointed as Chairman of GCL Gas Group. H. Sterling Managing Director Wang Yue was appointed as Executive Director of GCL Gas Group, and H. Sterling Executive Director Jane Zheng was appointed as Vice President and General Manager of the LNG Trade division.
GCL Group is an international energy conglomerate headquartered in Hong Kong. GCL Group leads China in photovoltaic power, gas power, and smart grid technology, placing first in the People’s Daily “Global Top 500 New Energy Enterprises List” in 2019. GCL Gas Group will integrate GCL’s existing overseas natural gas exploration and development activities, its three LNG terminals in Yantai, Rudong and Maoming, China, and H. Sterling Group’s natural gas investments and international LNG and gas-to-power projects. GCL Gas Group will manage the LNG value chain across four divisions, namely the Ethiopia-Djibouti Upstream Activities, LNG Receiving Terminals, Downstream Market Development and LNG Trade, totaling over one dozen enterprises. By streamlining institutions, increasing efficiency, consolidating capital, and integrating the entire gas value chain, GCL Gas Group will supply high-quality natural gas to its several power stations, industrial users, and city gas distributors across China.
GCL Gas Group has completed all exploration of its overseas oil and gas assets and is now shifting its efforts to production. As for its downstream activities, GCL Gas Group’s Yantai LNG terminal has been approved by the National Development and Reform Commission of China (NDRC) in January 2020. The Rudong LNG terminal is awaiting NDRC approval this year, and the Maoming terminal has signed an MOU with the China National Petroleum Corporation (CNPC) and is preparing to submit for NDRC approval this year. H. Sterling Group, facilitating LNG trade for these three terminals, has established close ties with large international gas companies for supply and made significant headway in securing downstream customers across China.
GCL and H. Sterling’s restructuring will complement the strengths of each company and establish an integrated platform for Chinese and international natural gas activities. All companies under GCL Gas Group will work together to integrate the exploration & production, liquefaction, transport, storage, trade, and marketing of natural gas, working to make GCL Gas Group a world leader in the natural gas value chain.