The Board of Directors of Polyard Petroleum International Group Limited announced that on 9 June 2023, the Company and Longyuan Power Overseas Investment Co. Ltd. entered into a development agreement. Listed on Hong Kong GEM, the Company mainly engages in the exploration, development and production of oil and gas and provision of professional technical services, meanwhile, developing international new energy investment, wind power and photovoltaic equipment sales and installation.

Incorporated in 1993, Party A is affiliated to China Energy. China Energy is the world's largest company in coal mining, thermal power, wind power and coal-to-liquids industry, ranking 85th on the Fortune Global 500 list in 2022. Party A is the earliest specialized company to develop wind power in China, blazing a trail in the fields of offshore, low-speed and high-altitude wind power.

It continues to lead the industry development and technological progress, being the first to achieve the goal of "going overseas" in China. Party A boasts the world's largest installed wind power capacity, about 24,000MW. Experienced in overseas project investment, construction and operation, it has set independently-developed and -operated projects in Canada, South Africa, and Ukraine.

Given the joint willingness to develop renewable energy projects in the Philippines (the "Philippines Market"), Party A and Party B will, based on their respective advantages, respect and voluntarily benefit each other, gradually improve their cooperation and ultimately achieve a win-win situation in developing the Philippines Market. Cooperation Purpose. In order to achieve joint development, Party A and Party B agree to establish a development partnership to develop the Philippines Market.

Cooperation Scope.