(Yicai Global) Jan. 19 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, has won an USD880 million contract to build a crude oil refinery in Iraq.

Power China International Group will oversee the engineering, procurement, and construction of 10 major production units in the refinery, its Beijing-based parent company said in a statement late yesterday. It will also support public works, storage and transport works, as well as related auxiliary systems.

The project, which will take four and a half years to complete, will be built in southeastern Maysan Governorate, a region of Iraq that is rich in oil resources. PowerChina did not disclose the production capacity of the refinery, its main products, or any other details.

Shares of Power Construction [SHA: 601669] rose 0.6 percent today to CNY8.73 (USD1.37) each.

Editor: Futura Costaglione