(Yicai) April 29 -- A subsidiary of China National Petroleum Corporation has secured the major Chinese state-owned oil and gas firm’s second big engineering, procurement, and construction deal with Saudi Aramco in the space of a month.

China Petroleum Engineering and Construction Corporation has signed a SAR5.2 billion (USD1.4 billion) agreement to rebuild parts of Saudi Arabia’s natural gas pipeline network, it was announced on April 26.

Another unit of Beijing-based CNPC inked a CNY7.3 billion (USD1 billion) contract at the end of last month to build ethylene and other downstream chemical production facilities for Saudi Aramco’s joint venture in China’s Fujian province.

Under the latest deal, CPECC will install new compression trains and build supporting facilities in three booster gas compression stations along the Saudi Master Gas System, as well as expand the accommodation facilities at the pump stations of two of them. The project is expected to be completed by the end of 2027.

Share of CPECC’s direct parent China Petroleum Engineering Corporation (CPEC) [SHA: 600339] closed 1.2 percent up at CNY3.39 (47 US cents) apiece in Shanghai today. The stock has gained 12 percent so far this year.

Net profit at CPEC rose 17 percent to CNY242 million (USD33.4 million) in the first quarter from a year earlier, after the took steps to better manage refined projects, the firm’s earnings report also showed on April 26. Revenue fell 1.7 percent to CNY14.7 billion (USD2 billion).

CNPC, which has a number of subsidiaries, is involved in various aspects of the oil and gas industry, including exploration, production, refining, marketing, and petrochemicals. It has a significant global footprint with operations in over 70 countries and regions in the Middle East, Africa, Central Asia, and Latin America.

Editor: Futura Costaglione