Core Viewpoint - The company has signed an EPC contract worth $424 million for the ethane and propane pipeline project in Kazakhstan, which is expected to enhance its market presence in Central Asia [4][5]. Group 1: Project Details - The contract involves the construction of a 209.4 km ethane pipeline with a diameter of 406.4 mm, a 208.1 km ethane pipeline with a diameter of 323.8 mm, and a 5.5 km propane connection pipeline with a diameter of 219.1 mm [5]. - The project is a recognition of the company's capabilities in total contracting for construction by KMG PetroChem, a subsidiary of Kazakhstan's national oil and gas company [5]. Group 2: Market Expansion - The company has achieved a cumulative new contract amount of 99.216 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 5.25% [7]. - Domestic contracts accounted for 73.95 billion yuan (74.54% of total new contracts), while overseas contracts reached 25.264 billion yuan (25.46% of total new contracts), with a year-on-year growth of 9.4% in overseas contracts [7]. - The company has consistently ranked among the top 250 international contractors and the top ten global oil and gas engineering companies for eight consecutive years, indicating strong construction capabilities and a rich project portfolio [7]. Group 3: Opportunities in Domestic and International Markets - The global upstream capital expenditure remains high, with China’s oil sector expected to achieve 210 billion yuan in upstream capital expenditure by 2025, which is likely to support the company's oil and gas field engineering business [8]. - The domestic refining industry is accelerating its transformation, with capital expenditures for high-end new materials projects continuing to grow, while the Middle East has seen active capital expenditures exceeding $100 billion [8]. - The company is expected to benefit significantly from the "Belt and Road" initiative, which integrates exploration, pipeline operation, refining, engineering services, and financial trade into a complete industrial chain [8].

2025 年 12 月 28 日 公司研究 签署 4.24 亿美元哈萨克斯坦管道项目 EPC 合同，积极拓展海外市场 ——中油工程（600339.SH）公告点评 要点 事件：公司发布《关于子公司中标项目签署合同的公告》，公司子公司管道局工 程公司与中信建设有限责任公司组成的联合体，与哈萨克斯坦国家石油天然气化 工公司（KMG PetroChem）就哈萨克斯坦阿特劳州单走廊乙烷丙烷干线管道 EPC 项目签署 EPC 承包合同，合同金额 4.24 亿美元。 点评： 项目合同额 4.24 亿美元，有利于中亚地区市场拓展。哈萨克斯坦乙烷丙烷管道 项目为 EPC 总承包模式，主要工作范围包括建设管径 406.4mm、长度 209.4 公 里和管径 323.8mm、长度 208.1 公里的乙烷干线管道以及管径 219.1mm、长 度 5.5 公里的丙烷连接管线，项目合同额 4.24 亿美元。业主方 KMG PetroChem 是哈萨克斯坦国家石油天然气公司（KazMunayGas）全资子公司。合同签署体 现了哈国油对公司项目总承包建设能力的认可，有利于公司在中亚地区油气储运 工程业务市场的进一步巩固和拓展。 市场开拓有序 ...

中油工程12月25日公告，公司全资子公司中国石油管道局工程有限公司及其全资子公司CPPE （Kazakhstan）Ltd.与中信建设有限责任公司组成的联合体，与哈萨克斯坦国家石油天然气化工公司就 哈萨克斯坦阿特劳州单走廊乙烷丙烷干线管道EPC项目签署EPC承包合同，合同金额4.24亿美元。 ...

智通财经APP讯，中油工程(600339.SH)发布公告，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")及其全资子公司 CPPE(Kazakhstan)Ltd.与中信建设有限责任公司组成的联合体，与 哈萨克斯坦国家石油天然气化工公司(简称"KMG PetroChem")就哈萨克斯坦阿特劳州单走廊乙烷丙烷干 线管道EPC项目签署EPC承包合同，合同金额4.24亿美元。该合同实施后将对公司未来3-4年的营业收入 和利润总额产生一定积极影响。 ...

Core Viewpoint - China Oil Engineering has secured a significant contract for the Kazakhstan Ethane-Propane Pipeline EPC project, valued at approximately $424 million, which is expected to positively impact future revenue and profits over the next 3-4 years [1][3]. Group 1: Project Details - The awarded project is named the "Kazakhstan Atyrau Region Single Corridor Ethane-Propane Pipeline EPC Project," won by a consortium led by China Oil Engineering's wholly-owned subsidiary, China Petroleum Pipeline Engineering Company [2]. - The project has a total investment of $424 million, with a timeline to meet pre-acceptance conditions within 36 months from the issuance of the notice to proceed [3]. Group 2: Contract Performance - China Oil Engineering has shown steady performance in contract signing, with a cumulative new contract amount of 99.216 billion yuan for the first three quarters of 2025, nearing the 100 billion yuan mark [4]. - In 2024, the company achieved a record high in new contract signing, totaling 125.076 billion yuan, representing a year-on-year growth of 14.39% [4]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 57.529 billion yuan, a year-on-year increase of 12.42%, but the net profit attributable to shareholders decreased by 17.22% to 523 million yuan due to rising costs and intensified competition [5]. - The company has been focusing on optimizing its operational strategies and enhancing innovation to address the pressure on net profits while consolidating traditional business areas [5]. Group 4: Strategic Focus - China Oil Engineering aims to strengthen its traditional business in oil and gas while accelerating its expansion into emerging sectors such as LNG, marine engineering, and green low-carbon industries [6]. - The company is also transitioning its traditional refining and chemical business towards higher-end services, with new contracts in this area amounting to 14.621 billion yuan in the first half of 2025, accounting for 19.92% of total new contracts [5].

Core Points - China National Petroleum Engineering Co., Ltd. (CNPC) announced that its subsidiary, China Petroleum Pipeline Engineering Co., Ltd. (CPPE), in collaboration with CITIC Construction Co., Ltd., has been awarded the EPC contract for the Kazakhstan Ethane-Propane Pipeline Project by KMG PetroChem [1] - The project involves the construction of a 211.17 km ethane pipeline and a 218.7 km propane pipeline, with a total contract value of approximately $424 million (around 3 billion RMB) [1] - The planned construction period for the project is 36 months from the issuance of the notice to proceed [1]

Core Viewpoint - China Petroleum Engineering announced the awarding of an EPC project for the construction of ethylene and propane pipelines in Kazakhstan, indicating a significant expansion in international operations and potential revenue growth for the company [1] Group 1: Project Details - The project involves the construction of a 211.17-kilometer ethylene pipeline and a 218.7-kilometer propane pipeline [1] - The awarded contract amount is 424 million USD, approximately 3.003 billion RMB [1] - The planned construction period is 36 months from the issuance of the notice to proceed [1]

Core Viewpoint - China Petroleum Engineering (600339.SH) has received a project award for the Kazakhstan Ethane-Propane Pipeline EPC project from KMG PetroChem, marking a significant contract win in the region [1] Group 1: Project Details - The project involves the construction of a 211.17 km ethane pipeline and a 218.7 km propane pipeline [1] - The awarded contract value is approximately 424 million USD, equivalent to about 3 billion RMB [1] - The planned construction period for the project is 36 months from the issuance of the notice to proceed [1]

Core Viewpoint - China National Petroleum Engineering Company (CPE) has received a project award for the Kazakhstan Ethane-Propane Pipeline EPC project, which is expected to positively impact its revenue and profit over the next 3-4 years [1] Group 1: Project Details - The project involves the construction of a 211.17 km ethane pipeline and a 218.7 km propane pipeline [1] - The awarded contract amount is approximately $424 million (around 3 billion RMB) [1] - The planned construction period is 36 months from the issuance of the notice to proceed [1] Group 2: Strategic Implications - Successful implementation of the project will help the company consolidate and expand its oil and gas transportation engineering business in Kazakhstan and Central Asia [1] - The project is expected to have a positive impact on the company's operating income and total profit in the coming years [1]