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Recently, Sinopec Refining & Chemical Engineering (SEG), a subsidiary of Sinopec, released its financial results for 2024: its revenue amounted to 64.198 billion yuan (in RMB, the same unit used hereafter), representing a 13.9% increase on a year-on-year basis； The value of newly signed orders reached 100.6 billion yuan, surpassing the 100-billion-yuan mark for the first time and hitting a record high; this represents a year-on-year increase of 25.4% ； In addition to signing new engineering design or technology licensing contracts, a large number of EPC turnkey contracts were concluded in areas such as integrated refining and chemical processing, kerosene upgrading, new coal chemical technologies, and new materials. Next, let’s take a closer look at the major ECP turnkey projects for which SEG signed contracts in 2024… 1| The total value of contracts signed domestically was 62.102 billion yuan. According to SEG’s announcement, in 2024 the total value of new contracts signed domestically was approximately 62.102 billion yuan, representing a 5.6% increase compared to the previous year. Notable among these new contracts is the EPC turnkey project for certain facilities of the Beifang Huajin United Petrochemical Fine Chemicals and Raw Materials Project, with a contract value of around 6.364 billion yuan ； The EPC general contract for some of the facilities of the Sino-Saudi Petrochemical Fujian Gulei Ethylene and Downstream Deep Processing Complex project, with a total contract value of approximately RMB 6.164 billion; the EPC general contract for some of the facilities of the Lianhong Gerun (Shandong) New Energy Materials and Biodegradable Materials Integrated Project, with a total contract value of approximately RMB 3.536 billion ； EPC general contract for some of the facilities in the China Coal Yulin Coal Deep Processing Base project, with a total contract value of approximately RMB 3.117 billion ； EPC general contract for Sinopec Ningbo Zhenhai Refining & Chemicals’ polyolefin elastomer (POE) production facility, with a contract value of approximately RMB 1.16 billion ； The EPC general contract for the polyolefin elastomer (POE) production facility within Sinopec Ineos’ Tianjin Nangang ethylene and downstream high-end new materials industrial cluster amounts to approximately 882 million RMB. It is also worth mentioning that SEG has seen significant growth in its performance in emerging business areas such as new energy and new materials; the value of newly signed contracts increased by 63% on a year-on-year basis. Of these, 37 contracts were related to clean energy/new energy sectors, with a total value of approximately 100 million yuan ； There were 209 contracts in emerging fields such as new materials and new technologies, with the total value of newly signed contracts amounting to approximately 12.4 billion yuan. II | Overseas contract value: $5.349 billion. According to a statement issued by SEG, in 2024 the total value of new contracts signed overseas was approximately $5.349 billion, representing a year-on-year increase of 79.6%. Notable among these new contracts is the EPC contract for the ethylene cracking project as part of the Silleno petrochemical complex in Kazakhstan, with a contract value of around $1.25 billion ； SAUDI ARAMCO Jafurah Natural Gas Expansion Phase III Project – Gas Compression (GCP) EPC turnkey contract, with a value of approximately 900 million US dollars ； Construction contract for Phase 3 of the sulfur-phosphorus chemicals project at Saudi Mining Company’s northern facility, with a contract value of approximately 363 million US dollars ； Construction contract for the mechanical, electrical and instrumentation installation works of the ADNOC MERAM ethane recovery project in the UAE, with a contract value of approximately 215 million US dollars.