(Yicai) Oct. 12 -- Shares of China Petroleum Engineering Corporation rose after the construction engineering unit of the Chinese oil and gas giant CNPC won its second contract in just over a month to expand the capacity of a crude oil processing facility of a large onshore oilfield in the United Arab Emirates.

CPEC [SHA: 600339] was trading up 2.5 percent at CNY3.63 (50 US cents) as of today's lunch break in Shanghai.

China Petroleum Engineering and Construction Corporation will build the sixth processing station of the Bu Hasa Oilfield's crude oil CPF operated by Abu Dhabi National Oil Company Onshore for USD297 million, CPECC's Beijing-based parent company announced yesterday.

The project consists of building new facilities and dismantling some existing ones, and will have the capacity of processing 167,000 buckets of crude oil daily when completed, CPEC added, noting that the contract duration is expected to be 39 months.

The project is part of the UAE's P5 Production Increase Plan, which aims to raise the daily output of the Bu Hasa Oilfield to 751,000 buckets from 650,000 buckets, CPEC pointed out.

This is the second crude oil CPF capacity expansion project CPECC has secured from ADNOC Onshore since September. CPEC announced on Sept. 4 that its unit had won a USD325 million contract to expand the capacity of a crude oil central processing facility of the Babu Oilfield.

ADNOC Onshore is one of the UAE's oldest oil companies. It produces around two million buckets of crude oil a day, CPEC noted in yesterday's statement.

Editor: Futura Costaglione