C114 News (Lex) China Satellite announced yesterday evening that at 20:03 on August 19, Zhongxing 18 satellite was launched successfully with Long March No. 3 B carrier rocket at Xichang Satellite Launch Center. The separation of the satellite and the rocket was normal, but the satellite was working abnormally. The company was working with satellite manufacturers and other parties concerned. To carry out satellite fault detection.
The announcement shows that the Zhongxing 18 satellite project is a civil satellite project with a total investment of 151,758.65 million yuan. According to the relevant provisions of the Zhongxing 18 satellite procurement contract, the ownership and risk of Zhongxing 18 satellite are transferred to the company from the launch time.
According to reports, the chief insurer of China People's Property Insurance Co., Ltd. underwrites the Zhongxing 18 satellite project and issues an insurance policy. The insurance amount can cover the investment amount of the project. The company may apply for insurance indemnity in accordance with the terms of the insurance contract in accordance with the investigation of the malfunction of Zhongxing 18 satellite during its launch.
The announcement said that the company currently operates and manages 16 commercial communication and broadcasting satellites, and the current status of Zhongxing 18 satellite will not affect the company's current on-orbit satellite operations and daily business operations.