Jereh Oilfield Services sells Bright Energy to new energy firm for 42bn yuan

Yantai Jereh Oilfield Services Group (Jereh Oilfield Services) has signed an equity transfer agreement to sell 100% of its subsidiary, Bright Energy LLC, to Erdos Anying New Energy Development Co., Ltd. (Anying New Energy). The transaction is provisionally valued at 42,016.00 million yuan, based on Bright Energy's net asset value as of December 31, 2025. The final transaction amount will be adjusted based on the audited net asset value at that date. Jereh Energy Services, a wholly-owned subsidiary of Jereh Oilfield Services, has already received the first installment of 15,000.00 million yuan.

The sale of Bright Energy LLC's equity is a strategic move for Jereh Oilfield Services to optimize its operations and ensure legal compliance. Upon the "substantive settlement date" of December 31, 2025, the operational management, control, and associated risks and benefits of Bright Energy LLC will transfer to Anying New Energy.

Anying New Energy, a company established in November 2024 and wholly owned by Wanjic Investment Group Co., Ltd., acquired Bright Energy specifically for this transaction. The deal is contingent on approvals and registration procedures from Chinese and Russian authorities. Outstanding loans from Bright Energy to Jereh Oilfield Services, totaling 30,000 million rubles, will be fully repaid before the substantive settlement date.