China National Petroleum Pipeline Bureau has won the EPC contract for the 18-billion-Iraqi-dinar seawater transmission pipeline project in Basra Province
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On the evening of September 25, CNPC Engineering issued a statement stating that its wholly-owned subsidiary, China National Petroleum Pipeline Bureau Engineering Co., Ltd. (hereinafter referred to as Pipeline Bureau Engineering Company), has signed an EPC contract for the general contracting of a seawater transmission pipeline project in Basra Province, Iraq. The value of this contract is 2.524 billion US dollars (approximately 18.032 billion yuan). This marks the second time in 3 months that CNPC Engineering has secured a large-scale project in the Middle East worth over 10 billion yuan. CNPC Engineering issued a statement on June 14 stating that its wholly-owned subsidiary, China National Petroleum Engineering Corporation, has signed an EPSCC (Design, Procurement, Supply, Construction, Commissioning) contract for the gas treatment plant project at the Atawi oil field in Iraq. The value of this contract is 1.601 billion US dollars (approximately 11.538 billion RMB). The value of the project contracts recently signed by CNPC Engineering is close to its current market value. As of the close on September 25, the share price of CNPC Engineering was 3.39 yuan per share, giving it a total market value of 18.93 billion yuan.
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