(Yicai Global) Sept. 29 -- A consortium established by two affiliates of China National Petroleum has won a bid to construct Thailand's seventh natural gas processing plant worth about CNY2.8 billion (USD430.1 million).

The facility in eastern Rayong province should replace Thailand’s first liquefied natural gas processing plant which has been running for more than three decades, China Petroleum Engineering, a CNPC unit that owns the two entities that comprise the consortium, said in a statement yesterday.

The project’s owner is PPT Public, a Bangkok-based state-owned oil and gas company. The designated capacity of the plant should be five billion cubic meters of LNG. The construction period is 39 months and the contract is denominated in US dollars and Thai baht.

The winning consortium consists of two subsidiaries of China Petroleum Engineering, including China Petroleum Pipeline Engineering and China Petroleum Engineering & Construction.

The news failed to drive stock price hikes. China Petroleum Engineering's shares [SHA: 600339] were 7.7 percent down at CNY3.24 (50 US dollar cents) in the afternoon. The stock price is still more than 10 percent up over the past month.

Editor: Emmi Laine