CPEC(SH:600339) Zheng Quan Shi Bao Wang·2025-11-11 11:03Core Viewpoint - China Petroleum Engineering (中油工程) has received a project award for the Kazakhstan Ethane-Propane Pipeline EPC project, which is expected to positively impact the company's revenue and profit over the next 3-4 years [1][2]. Group 1: Project Details - The project involves the construction of a 211.17 km ethane pipeline and a 218.7 km propane pipeline, with a total awarded amount of $424 million (approximately 3 billion RMB) [1]. - The planned construction period for the project is 36 months from the issuance of the notice to proceed [1]. Group 2: Company Background and Capabilities - China Petroleum Pipeline Bureau Engineering Co., a subsidiary of China Petroleum Engineering, will lead the project, leveraging its extensive experience in oil and gas transportation engineering in Kazakhstan [2]. - The company has a strong technical foundation and resources to meet the project's implementation needs, ensuring effective risk management and project execution [2]. Group 3: Financial Performance - In the first three quarters of 2025, China Petroleum Engineering reported a revenue of 57.53 billion RMB, a year-on-year increase of 12.42%, and a net profit attributable to shareholders of 523 million RMB [2]. - The company signed new contracts worth 99.22 billion RMB in the same period, reflecting a year-on-year growth of 5.25% [2]. Group 4: Emerging Business Developments - In the first half of 2025, the company achieved new contracts worth 20.60 billion RMB in emerging business and future industry engineering, marking a year-on-year increase of 16.56% [3]. - The company is actively transforming its refining business, with new contracts in refining and chemical engineering amounting to 14.62 billion RMB, accounting for 19.92% of the total new contracts [3].