Core Viewpoint - China National Petroleum Engineering's subsidiary signed an EPC contract worth approximately 25.24 billion USD (around 180.32 billion RMB) for a seawater pipeline project in Iraq, marking a significant contract win in the Middle East after a previous contract three months ago [2][5]. Group 1: Contract Details - The EPC contract is for the seawater pipeline project in Basra, Iraq, and includes the construction of seawater treatment facilities, main pipelines, and associated ground facilities [7]. - The project duration is 54 months, comprising 42 months for design, procurement, construction, and trial operation, followed by 12 months for operation, maintenance, and training [7]. Group 2: Company Background and Experience - The pipeline engineering company has extensive experience in oil and gas transportation engineering and has previously executed projects in Iraq, indicating its capability to meet the project's requirements [8]. - The company holds various construction qualifications, including top-level qualifications in petrochemical and marine engineering, and has completed over 130,000 kilometers of oil and gas pipelines domestically and internationally [8]. Group 3: Financial Impact and Future Outlook - The recent contracts are expected to help consolidate and expand the company's market presence in Iraq and the Middle East, positively impacting revenue and profit over the next 4 to 5 years [9]. - For 2024, the company anticipates a revenue increase of 6.94% to 85.917 billion RMB, while net profit is projected to decline by 14.80% to 635 million RMB, primarily due to increased competition and costs associated with overseas projects [9][11].