长江商报消息 ●长江商报记者 黄聪 在海外市场上，中油工程（600339.SH）不断"报喜"。 9月26日，中油工程发布公告，公司全资子公司中国石油管道局工程有限公司（以下简称"管道局工程公司"）近日 与伊拉克巴士拉石油公司（以下简称"BOC"）就伊拉克巴士拉省海水输送管道总包项目（以下简称"伊拉克海水管 道项目"）签署EPC承包合同，合同金额25.24亿美元（以项目授标日汇率折算约180.32亿元人民币）。 长江商报记者统计发现，约三个月来，中油工程签下四大海外项目合同，合同总金额达353.8亿元。 值得一提的是，2025年上半年，在国内市场新签合同额同比减少7.27%的情况下，中油工程国际市场新签合同额 231.82亿元，占公司整体新签合同额的31.58%，同比增长9.86%。 三个月签下四大海外项目合同 中油工程主要经营模式涵盖项目前端咨询、技术转让、前端设计（FEED）、设计采购施工试运（EPCC）总承 包、设计采购施工管理（EPCM）总承包等工程建设全价值链，能够为客户提供项目一揽子综合解决方案。 9月26日，中油工程发布公告，公司全资子公司管道局工程公司近日与BOC就伊拉克海水管道项目签署EPC承 ...

【导读】中油工程子公司签订超180亿元伊拉克海水输送管道EPC合同 9月25日晚间，中油工程发布公告称，公司全资子公司中国石油管道局工程有限公司（以下简称管道局工程公司）针对伊拉 克巴士拉省海水输送管道总包项目签署EPC（工程总承包）承包合同，合同金额达25.24亿美元（约为180.32亿元人民 币）。 这是中油工程时隔3个月后，再获超百亿元中东大单。中油工程6月14日发布公告称，公司全资子公司中国石油工程建设有 限公司针对伊拉克阿塔维油田气体处理厂项目签署EPSCC（设计、采购、供货、施工、试运）承包合同，合同金额达16.01 亿美元（约为115.38亿元人民币）。 中油工程最新签署的项目合同金额，接近其最新市值。截至9月25日收盘，中油工程股价报3.39元/股，总市值为189.3亿 元。 签下超180亿元中东大单 公告显示，近日，管道局工程公司与伊拉克巴士拉石油公司就伊拉克巴士拉省海水输送管道总包项目签署EPC承包合同， 合同金额达25.24亿美元，以项目授标日汇率折算约为180.32亿元人民币。 伊拉克巴士拉省海水输送管道总包项目为EPC总承包模式，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 ...

【导读】中油工程子公司签订超180亿元伊拉克海水输送管道EPC合同 中国基金报记者 闻言 9月25日晚间，中油工程发布公告称，公司全资子公司中国石油管道局工程有限公司（以下简称管道局工程公司）针对伊拉克巴士拉省海水输送管道总包 项目签署EPC（工程总承包）承包合同，合同金额达25.24亿美元（约为180.32亿元人民币）。 这是中油工程时隔3个月后，再获超百亿元中东大单。中油工程6月14日发布公告称，公司全资子公司中国石油工程建设有限公司针对伊拉克阿塔维油田气 体处理厂项目签署EPSCC（设计、采购、供货、施工、试运）承包合同，合同金额达16.01亿美元（约为115.38亿元人民币）。 中油工程最新签署的项目合同金额，接近其最新市值。截至9月25日收盘，中油工程股价报3.39元/股，总市值为189.3亿元。 签下超180亿元中东大单 公告显示，近日，管道局工程公司与伊拉克巴士拉石油公司就伊拉克巴士拉省海水输送管道总包项目签署EPC承包合同，合同金额达25.24亿美元，以项 目授标日汇率折算约为180.32亿元人民币。 伊拉克巴士拉省海水输送管道总包项目为EPC总承包模式，工作范围包括建设海水处理设施到各联络站 ...

Core Viewpoint - China National Petroleum Engineering Corporation (CNPEC) has signed an EPC contract worth approximately 25.24 billion USD (around 180.32 billion RMB) for a seawater pipeline project in Basra, Iraq, marking a significant achievement in securing large contracts in the Middle East [2][8]. Group 1: Contract Details - The contract for the seawater pipeline project includes the construction of seawater treatment facilities, main pipelines to various junction stations, and branch pipelines to oil field distribution stations, with a total project duration of 54 months [10]. - This contract follows another significant contract signed in June for the gas processing plant project at the Atawi oil field, valued at 16.01 billion USD (approximately 115.38 billion RMB) [4][5]. Group 2: Financial Impact - The recent contracts are expected to help CNPEC consolidate and expand its market presence in Iraq and the broader Middle East region, positively impacting revenue and profit over the next 4 to 5 years [13]. - As of September 25, CNPEC's stock price was 3.39 RMB per share, with a total market capitalization of 189.3 billion RMB, indicating that the new contract value is close to the company's market value [5]. Group 3: Company Background and Capabilities - CNPEC's subsidiary, the China Petroleum Pipeline Bureau Engineering Co., has extensive experience in oil and gas transportation engineering and has completed over 130,000 kilometers of long-distance oil and gas pipelines and nearly 500 kilometers of marine pipelines [11]. - The company holds various construction qualifications, including top-level qualifications for petrochemical construction and first-level qualifications for marine engineering [11]. Group 4: Performance Outlook - For 2024, CNPEC expects a revenue increase of 6.94% to 859.17 billion RMB, but a decline in net profit by 14.80% to 6.35 billion RMB, primarily due to intensified market competition and increased costs from overseas projects [14]. - The company aims to strengthen its traditional oil and gas engineering business while also developing growth areas such as LNG, marine engineering, and environmental engineering [13].

Core Viewpoint - The company announced its semi-annual profit distribution plan for 2025, detailing a cash dividend of 0.0130 yuan per share, totaling approximately 72.58 million yuan for all shareholders [2][3]. Distribution Plan - The distribution is based on a total share capital of 5,583,147,471 shares, with a cash dividend of 0.0130 yuan per share (before tax) [3]. - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the record date [3]. Relevant Dates - The company held its annual general meeting on June 19, 2025, to approve the profit distribution plan, which was subsequently authorized by the board on August 21, 2025 [2]. Taxation Details - Individual shareholders holding shares for over one year are exempt from personal income tax on dividends, while those holding for one year or less will have taxes deducted upon sale of shares [6]. - For qualified foreign institutional investors (QFIIs), a 10% withholding tax applies, resulting in a net dividend of 0.0117 yuan per share [7]. Contract Signing Announcement - The company’s subsidiary signed an EPC contract worth 513 million USD (approximately 3.688 billion yuan) with ADNOC Gas for a gas pipeline project in the UAE [12][15]. - The project has a construction period of 36 months, followed by a 12-month warranty period [18]. Impact on Company Performance - The contract is expected to positively influence the company's revenue and profit over the next 3-4 years, although it will not significantly impact the current year's financials [12][20]. Guarantee Situation - In August 2025, the company and its subsidiaries executed 34 guarantees totaling approximately 2.78 million yuan, all of which were credit guarantees [23][26]. - The total guarantee balance as of August 31, 2025, was approximately 45.49 billion yuan, representing 171.57% of the company's audited net assets as of December 31, 2024 [24][26].

格隆汇9月21日丨中油工程(600339.SH)公布，公司全资子公司中国石油管道局工程有限公司（简称"管 道局工程公司"）近日与 ADNOC Gas Operations & Marketing L.L.C.（简称"ADNOC Gas"）就阿拉伯联 合酋长国阿布扎比天然气公司巴伯油田和布哈萨油田天然气管线总包项目（简称"阿联酋 LNG 输送管线 项目"）签署EPC承包合同，合同金额5.13亿美元（以项目授标日汇率折算约36.88亿元人民币）。 ...

中油工程(600339.SH)公告称，公司全资子公司管道局工程公司与ADNOCGas就阿联酋阿布扎比天然气 公司巴伯油田和布哈萨油田天然气管线总包项目签署EPC承包合同，合同金额5.13亿美元（约36.88亿元 人民币）。合同履行期限为建设工期36个月完成调试投产，之后进入12个月质保期。该合同对公司本年 度业绩不构成重大影响，但预计将对未来3-4年的营业收入和利润总额产生积极影响。 ...

Group 1 - The company announced that its wholly-owned subsidiary, China Petroleum Pipeline Engineering Co., Ltd., signed an EPC contract with ADNOC Gas for the UAE LNG transportation pipeline project, with a contract value of $513 million (approximately 3.688 billion RMB) [1] - The construction period for the project is set at 36 months, followed by a 12-month warranty period after achieving temporary acceptance [1] - The contract is not expected to have a significant impact on the company's total assets, net assets, and net profit for the current year, but it will positively influence the company's operating revenue and total profit over the next 3-4 years [1]

Core Viewpoint - The company is issuing A-shares to specific investors, which will dilute immediate returns but aims to enhance long-term growth and financial stability through strategic investments in key projects [1][5][10]. Financial Impact - The total amount raised from the issuance is approximately 5.91 billion yuan, which will be used for specific projects [2][5]. - The issuance will increase the total share capital from 5,583,147,471 shares to 7,258,091,712 shares [3]. - The basic earnings per share (EPS) before the issuance is 0.1138 yuan, which is projected to decrease to 0.0876 yuan post-issuance under a scenario where 2025 profits remain flat compared to 2024 [3][4]. Use of Proceeds - 70% of the raised funds will be allocated to the Iraq Basra seawater pipeline project and the UAE Abu Dhabi gas pipeline project, while 30% will be used to supplement working capital [9][11]. - The projects are aligned with the company's core business and national industrial policies, expected to enhance service capabilities and profitability [9][11]. Strategic Importance - The projects are crucial for developing oil and gas resources in Iraq and the UAE, which are rich in reserves but face challenges in infrastructure and technology [7][8]. - The company aims to strengthen its international competitiveness and expand its market presence through these investments [7][8]. Risk Mitigation Measures - The company has established a management plan for the raised funds to ensure compliance and effective use [14]. - It will adhere to a profit distribution policy to protect investor returns and mitigate the dilution of immediate returns [15]. Commitment to Investors - The board and senior management have committed to ensuring the effectiveness of the measures to mitigate the dilution of immediate returns [16].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company has secured a total contract project worth $2.524 billion in Iraq, marking a significant breakthrough in overseas market expansion [1][2]. - The new contract is expected to enhance the company's position in the Middle East oil and gas transportation engineering market, reflecting recognition of its project management capabilities [2][3]. - The company achieved a record high in new contract value in 2024, amounting to 125.076 billion yuan, with a year-on-year growth of 14.39% [3]. - The domestic and overseas markets are experiencing high demand, and the company is well-positioned to benefit from this trend [3]. Summary by Sections Project Award - The company’s subsidiary has been awarded a contract for the construction of seawater transportation pipelines in Iraq, with a total value of $2.524 billion, which includes a 54-month contract period [1][2]. Contract Growth - In 2024, the company signed new contracts worth 125.076 billion yuan, with domestic contracts at 88 billion yuan and overseas contracts at 37.1 billion yuan, showing growth rates of 20.8% and 1.7% respectively [3]. Market Outlook - The company is expanding its cooperation with major international and national oil companies, which is expected to accelerate its overseas market development [3]. - The domestic market is set to benefit from China's long-term oil and gas production plans, while the overseas market remains robust due to increased capital expenditures from oil-producing countries in the Middle East [3]. Profit Forecast and Valuation - The company’s net profit is projected to decline by 14.8% in 2024 and 19.8% in Q1 2025, leading to a downward adjustment in profit forecasts for 2025-2026 [4]. - The estimated net profits for 2025-2027 are 738 million yuan, 825 million yuan, and 929 million yuan respectively, with corresponding EPS of 0.13, 0.15, and 0.17 yuan per share [4].