Core Viewpoint - The company has secured a significant contract in Iraq, enhancing its position in the overseas market and demonstrating its capabilities in project management and execution [4][5]. Group 1: Contract Details - The company’s subsidiary, China Petroleum Pipeline Bureau Engineering Co., Ltd., received a contract from Iraq's Basra Oil Company for a seawater pipeline project, valued at $2.524 billion [4]. - The project involves constructing seawater treatment facilities, main pipelines, and associated ground facilities, with a contract duration of 54 months [5]. Group 2: Growth in New Contracts - In 2024, the company achieved a record new contract amount of 125.076 billion yuan, a year-on-year increase of 14.39%, with domestic contracts at 88 billion yuan and overseas contracts at 37.1 billion yuan [6]. - The company has expanded its cooperation with major international and national oil companies, resulting in a significant increase in high-end market contracts, which reached 32.983 billion yuan, up 46.21% year-on-year [7]. Group 3: Market Outlook - The domestic market is expected 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 [8]. - The company is well-positioned to capitalize on the "Belt and Road" initiative, with promising prospects for securing orders in the Middle East [8].