China Petroleum Engineering Signs USD1.52 Bln EPC Contract With Subsidiary of Abu Dhabi’s Petroleum Giant

China Petroleum Engineering Signs USD1.52 Bln EPC Contract With Subsidiary of Abu Dhabi’s Petroleum Giant

Dou Shicong

Date: Tue, 11/14/2017 - 13:38 / source:Yicai
China Petroleum Engineering Signs USD1.52 Bln EPC Contract With Subsidiary of Abu Dhabi’s Petroleum Giant
China Petroleum Engineering Signs USD1.52 Bln EPC Contract With Subsidiary of Abu Dhabi’s Petroleum Giant

(Yicai Gloval) Nov. 14 -- Xinjiang-based China Petroleum Engineering Corp. [SHA:600339] signed an “Engineering Procurement Construction” (EPC) contract worth USD1.52 billion with the subsidiary of Abu Dhabi National Oil Company (ADNOC).

It inked the deal with Abu Dhabi Company for Onshore Petroleum Operations Ltd. (ADNOC Onshore). China Petroleum Engineering will undertake a complex project in an oil field 160 km southwest of Abu Dhabi, it said in a statement yesterday.

The project will run 42 months and involve oil and gas processing devices as well as other supporting and auxiliary production facilities.

Founded in November 1971, Adnoc Onshore is mainly responsible for onshore petroleum and natural gas resources in Abu Dhabi since the strategic integration of Adnoc.

Adnoc Onshore is one of the major clients of China Petroleum Engineering Corporation. The Chinese firm has offered engineering services for Adnoc worth CNY754 million (USD113.5 million) in total over the past three years.

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Keywords: China Petroleum Engineering Corporation, Abu Dhabi National Oil Company, EPC, ADNOC Onshore