Core Viewpoint - China Petroleum Engineering Corporation (中油工程) is increasingly expanding its international presence, securing significant contracts, particularly with Total Energies, which will enhance its market position in the Middle East and contribute positively to future revenues and profits [2][3][4]. Contract Awards - On June 6, 2024, the company announced it received a contract award for the Atawi Gas Midstream Pipeline EPSCC project from Total Energies, with an estimated contract value of approximately $294 million (about 2.94 billion USD) [2][3]. - On May 15, 2024, the company also received a contract award for the Atawi Gas Processing Plant EPSCC project from Total Energies, with an estimated contract value of $1.601 billion (about 16.01 billion USD) [4]. - The total new contract value for 2024 reached 125.076 billion RMB, a year-on-year increase of 14.39%, marking a historical high [7]. Market Expansion - The company is actively expanding its overseas market presence, with significant contracts awarded in 2024, including a $513 million (about 5.13 billion RMB) LNG pipeline project from ADNOC Gas [5]. - The company has established partnerships with major international oil companies (IOCs) and national oil companies (NOCs), including Total Energies and Abu Dhabi National Oil Company, leading to a new contract value of 32.983 billion RMB in high-end markets, a year-on-year increase of 46.21% [7]. Financial Performance - The company reported revenues of 83.59 billion RMB, 80.343 billion RMB, and 85.917 billion RMB for the years 2022, 2023, and 2024, respectively, maintaining revenues above 80 billion RMB for three consecutive years [6]. - The net profit for 2024 was reported at 6.35 billion RMB, a year-on-year decrease of 14.80%, attributed to intensified market competition and increased costs in overseas projects [6]. Research and Development - In 2024, the company invested 2.686 billion RMB in R&D, resulting in 231 research achievements, including 62 process packages and 173 newly authorized invention patents [8]. - The company successfully completed a major technology project, achieving international advanced levels, and made significant breakthroughs in specialized rubber technology [8]. Future Goals - For 2025, the company aims to achieve new contract values of 130 billion RMB and revenues of 86.5 billion RMB, while ensuring safety and environmental protection standards [8].