(Yicai) Jan. 13 -- China Petroleum Engineering Corporation, the construction engineering arm of Chinese oil and gas giant China National Petroleum Corporation, has secured a USD513 million construction contract for a liquefied natural gas pipeline project in the United Arab Emirates, its fifth major contract in the country in just over a year.

CPEC's unit China Petroleum Pipeline Engineering won the contract from Adnoc Gas to build a LNG pipeline stretching around 181 kilometers from the Habshan oil and gas field to Al Ruwais Industrial City, the Beijing-based parent firm announced late on Jan. 10. Construction will likely take 36 months, it added.

The project's smooth and successful implementation will help solidify and expand CPEC's presence in the UAE's oil and gas storage and transportation engineering services market and positively affect its earnings over the next four years, the company said.

Adnoc Gas is one of the world's leading natural gas distributors, providing more than 60 percent of the UAE's natural gas, CPEC pointed out, adding that its products are exported to over 20 countries and regions.

Since September 2023, CPEC has won five projects from Adnoc Gas' parent firm Abu Dhabi National Oil Company, with the previous four coming from another of its units, Adnoc Onshore. Those involved oilfield infrastructure upgrades, engineering services, and crude oil pipeline construction and were worth a combined total of USD1.5 billion.

Shares of CPEC [SHA: 600339] closed 1.2 percent higher at CNY3.36 (46 US cents) apiece today. The broader Shanghai market fell 0.3 percent.

Editor: Martin Kadiev