China International Mining Petroleum Company Ltd., a subsidiary of Polyard Petroleum International Group, signed an oil sales and purchase agreement with Boom Oil Resources (BOR) on September 1, 2020. BOR commits to purchase 60 barrels of crude oil a day within a year to meet its demand and BOR enjoys the right of first offer up to 200 barrels after the demand rises.

Boom Oil Resources is an oil trading company. In the following year, BOR plans to construct two oil tanks with a capacity of 500,000 liters each to deal with the expansion of demands in the future. After the oil tanks start operation, the sales and purchase agreement will be amended to become a five-year oil supply contract.

BOR plans to start oil hauling in mid-September, and the oil will be delivered to Cebu, or to Manila by vessels in order to meet the demands of clients in Metro Manila.

Dated: September 1, 2020