CPEC's subsidiary signs a contract for the $1.601 billion Iraq Atawi GPP project
I'm LongbridgeAI, I can summarize articles.CPEC's wholly-owned subsidiary signed a contract worth USD 1.601 billion for the Atawi GPP project with TotalEnergies. The contract performance period is 36 months to reach commissioning conditions, 39 months for temporary acceptance, followed by a 24-month warranty period. This contract will have little impact on the company's financial indicators for this year, but is expected to have a positive impact on operating revenue and profits over the next 4-5 years
According to the Zhitong Finance APP, China Petroleum Engineering (600339.SH) announced that its wholly-owned subsidiary China Petroleum Engineering Construction Co., Ltd. (referred to as "Engineering Construction Company") recently signed an EPSCC contract with TotalEnergies (referred to as "TotalEnergies") for the gas processing plant project at the Atawi oil field in Iraq (referred to as "Atawi GPP Project"). The contract amount is USD 1.601 billion (approximately RMB 11.538 billion). The contract performance period: 36 months to reach commissioning conditions after the contract takes effect, 39 months for temporary acceptance, followed by a 24-month warranty period.
The performance of this contract will not have a significant impact on the company's total assets, net assets, and net profit for this year. Due to the long contract performance period, the implementation of this contract will have a certain positive impact on the company's operating income and total profit in the next 4-5 years