CITIC Resources


CITIC Resources Holdings Limited is a Hong Kong-based natural resources company and a red chip subsidiary of the CITIC Group, one of China's largest state-owned conglomerates. Established in 1997, the company has evolved from a metals trading firm into a vertically integrated natural resources enterprise engaged in oil, coal, aluminum, and commodities trading.
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Corporate affairs

CITIC Resources is majority-owned by CITIC Limited, which holds approximately 59.5% of its shares. As a red chip company, it operates with Chinese state backing but is incorporated and listed in Hong Kong. The company's chairman is Mi Zengxin.
The company is listed on the Hong Kong Stock Exchange under stock code.

History

In 2007, CITIC Resources acquired oil assets in Kazakhstan and Northeast China from its parent, CITIC Group, for US$1.15 billion. This strategic shift transformed the company from a metals-focused entity into an energy producer. CITIC Resources has since positioned itself as one of the leading Chinese oil producers after PetroChina, Sinopec, and CNOOC.

Operations

Crude oil

CITIC Resources holds upstream oil assets in:
  • Kazakhstan – Operator of the Karazhanbas Oilfield onshore in the Caspian Basin.
  • Indonesia – Participates in the Seram Block located in eastern Indonesia.
  • China – Operates the Yuedong Oilfield in Liaoning Province through its majority interest in Tincy Group Energy.
These projects provide steady oil production and contribute a major share of the company’s revenue.

Coal

The company holds stakes in several coal operations:

Aluminum

CITIC Resources is a joint venture participant in the:

Commodities trading

The company remains active in: