Core Viewpoint - China Oil Engineering has secured a significant contract for the Iraq seawater pipeline project, valued at approximately $2.524 billion (around 18.032 billion RMB), which is expected to positively impact the company's revenue and profit over the next 4-5 years [2][4][6]. Group 1: Contract Details - The contract for the Iraq seawater pipeline project includes the construction of seawater treatment facilities and associated pipelines, with a contract duration of 54 months [2][4]. - The project is currently in the bidding stage, and the formal contract signing is subject to uncertainty [4][5]. - The company has a history of securing large overseas contracts, including a $1.601 billion (approximately 11.538 billion RMB) contract for the Iraq Atawi gas processing plant project [6]. Group 2: Financial Performance - As of the first quarter of 2025, the company's contract liabilities reached 30.845 billion RMB, marking a historical high and a year-on-year increase of 19.82% [3][10]. - The company aims to achieve new contract amounts of 130 billion RMB and operating revenue of 86.5 billion RMB in 2025, reflecting a strategy of "seeking progress while maintaining stability" amid market volatility [3][10]. - The company reported revenues of 83.59 billion RMB, 80.343 billion RMB, and 85.917 billion RMB for the years 2022 to 2024, with net profits of 7.24 billion RMB, 7.46 billion RMB, and 6.35 billion RMB respectively [8]. Group 3: Market Strategy - The company is focusing on high-end market segments and has been expanding its cooperation with international oil companies and national oil companies, including TotalEnergies and Abu Dhabi National Oil Company [7][9]. - In 2024, the company secured new contracts worth 32.983 billion RMB in high-end markets, a year-on-year increase of 46.21% [9]. - The company is also enhancing its business structure by shifting towards high-value services such as design, consulting, and project management [7].

中油工程（600339）公告，近日，公司全资子公司管道局工程公司收到伊拉克巴士拉石油公司发来的伊 拉克巴士拉省海水输送管道总包项目授标函。该项目主要工作范围包括建设海水处理设施到各联络站的 干线管道、联络站到油田分输站的支线管道及管道附属地面设施等，授标金额为25.24亿美元(约180.32 亿元人民币)，项目合同期为54个月(设计采购施工试运阶段42个月+运行维护培训阶段12个月)。该项目 预计对公司未来4-5年的营业收入和利润总额产生积极影响。 ...

（编辑 任世碧） 证券日报网讯 7月30日晚间，石化油服发布公告称，近日，公司全资子公司中石化石油工程建设有限公 司中标国家石油天然气管网集团有限公司长春-石家庄天然气管道工程（长岭-张家口段）施工总承包第 二、四、五标段项目，中标金额为人民币35.97亿元，约占本公司中国会计准则下2024年营业收入的 4.44%。 ...

智通财经APP讯，石化油服(600871.SH)发布公告，近日，公司全资子公司中石化石油工程建设有限公 司中标国家石油天然气管网集团有限公司长春-石家庄天然气管道工程(长岭-张家口段)施工总承包第 二、四、五标段项目("该项目")，中标金额为人民币35.97亿元，约占公司中国会计准则下2024年营业收 入的4.44%。 ...

Core Viewpoint - The company, Sinopec Oilfield Service Corporation, has won a significant contract for the construction of a natural gas pipeline, indicating strong business prospects and revenue growth potential for the upcoming year [1] Group 1: Contract Details - The company’s wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Corporation, has been awarded the construction contract for the Changchun-Shijiazhuang natural gas pipeline project [1] - The total contract value is 3.597 billion yuan, which accounts for approximately 4.44% of the company's projected revenue for 2024 under Chinese accounting standards [1] - The pipeline construction will cover a length of approximately 659 kilometers and includes multiple stations, valve rooms, directional drilling, and crossing works, with a construction period of about 487 days [1]

Group 1 - The State Intellectual Property Office of China granted a patent to Sinopec Petroleum Engineering Technology Service Co., Ltd. for a noise suppression method, system, storage medium, and electronic device, with the authorization announcement number CN115016004B and application date of June 2022 [1] - Sinopec Petroleum Engineering Technology Service Co., Ltd. was established in 1994, located in Beijing, primarily engaged in civil engineering construction, with a registered capital of 1,898,434,003.33 RMB [1] - The company has made investments in 14 enterprises, participated in 126 bidding projects, holds 1 trademark, and has 1,904 patent records, along with 2 administrative licenses [1] Group 2 - Sinopec Petroleum Engineering Geophysical Co., Ltd. was established in 2012, also located in Beijing, primarily engaged in professional technical services, with a registered capital of 30,000,000 RMB [1] - This company has invested in 1 enterprise, participated in 1,930 bidding projects, holds 343 patent records, and possesses 515 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has published a patent application by Sinopec Petroleum Engineering Technology Service Co., Ltd. for a "downhole sand cleaning system under fluctuating pressure," with publication number CN120384709A and application date of June 2025 [1] - The patent describes a downhole sand cleaning system that includes a sand cleaning operation system and a drilling fluid circulation system, featuring multiple second casing pipes and sand collection equipment [1] - The proposed system utilizes a flow regulation device and a boosting device to create high-frequency fluctuating pressure, allowing for effective lifting of sand-containing fluid through a jet device [1] Group 2 - Sinopec Petroleum Engineering Technology Service Co., Ltd. was established in 1994, located in Beijing, with a registered capital of approximately 1.898 billion RMB [2] - The company has made investments in 14 enterprises and participated in 126 bidding projects, holding 1 trademark and 1,904 patent records [2] - Sinopec Zhongyuan Petroleum Engineering Design Co., Ltd. was founded in 1993 in Zhengzhou, with a registered capital of 100 million RMB, having invested in 2 enterprises and participated in 2,771 bidding projects, holding 243 patent records [2]

Group 1 - The core viewpoint of the news is that Sinopec Guangzhou Engineering Co., Ltd. and Sinopec Refining Engineering Group Co., Ltd. have applied for a patent for a "light hydrocarbon conversion product distillation system and method" [1][3] - The patent application was filed on April 2025, and the public announcement number is CN120365950A [1] - The distillation system includes components such as an absorption tower, oil-gas separation tank, desorption tower, stabilization tower, and a pentane removal tower, connected in a specific sequence [1] Group 2 - Sinopec Guangzhou Engineering Co., Ltd. was established in 1998, located in Guangzhou, with a registered capital of 300 million RMB [2] - The company has participated in 4,173 bidding projects and holds 858 patents [2] - Sinopec Refining Engineering Group Co., Ltd. was founded in 2007, located in Beijing, with a registered capital of approximately 4418.54 million RMB [2] - This company has invested in 12 enterprises and holds 5,000 patents [2]

Core Viewpoint - The announcement details the external guarantees provided by Sinopec Oilfield Service Corporation for its wholly-owned subsidiaries and joint ventures, highlighting the total guarantee amount and the financial implications for the company [2][3][4]. Summary by Sections Guarantee Overview - The total amount of guarantees provided by the company for its wholly-owned subsidiaries and joint ventures in the first half of 2025 is RMB 2.451 billion, which accounts for 28.34% of the company's latest audited net assets [2][3][7]. - As of June 30, 2025, the cumulative guarantee balance stands at RMB 28.625 billion [2][7]. Guarantee Details - The company has provided credit guarantees and performance guarantees with a maximum limit of RMB 20 billion for credit guarantees and RMB 26.5 billion for performance guarantees for wholly-owned subsidiaries, and up to USD 275 million for joint ventures [4][5]. - The guarantees are aimed at supporting international market expansion and daily operations, particularly for the Mexico EBANO project [6][9]. Risk and Financial Implications - There are no overdue guarantees reported, but some of the guaranteed entities have a debt-to-asset ratio exceeding 70%, which may raise concerns for investors [3][10]. - The company has not provided any guarantees to its controlling shareholders or related parties, maintaining a focus on its subsidiaries and joint ventures [10]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to facilitate the company's business operations, especially in overseas markets, and to ensure the smooth execution of projects like the EBANO oilfield development [9].

Core Viewpoint - The company is implementing a comprehensive safety management system to address and rectify basic safety issues, focusing on a structured approach that includes problem identification, corrective measures, and accountability. Group 1: Safety Management Initiatives - The company has established a "problem list + corrective measures + accountability" management model to systematically address safety issues, creating over 30 items in the problem management list to ensure thorough rectification [1] - The center emphasizes on-site inspections, specialized training, and improved assessment mechanisms to tackle non-compliance in personal protective equipment usage during operations such as striking, cleaning, and purging [1] - A closed-loop management mechanism is in place for electrical safety, involving daily checks, weekly reports, and monthly assessments to address issues like grounding wire disconnections and insulation mat deterioration [1] Group 2: Equipment Management and Improvement - The company has developed a "dedicated personnel, regular inspections, timely maintenance" work mechanism to enhance equipment management, focusing on issues like improper crane wiring and non-durable blind plates [2] - A dynamic tracking mechanism has been established to monitor the progress of corrective actions, incorporating monthly reports and quarterly assessments to ensure effective resolution of identified issues [2] - The company promotes best practices in safety management through experience-sharing meetings and safety management measure discussions, aiming to continuously elevate safety management standards [2]