China Oil HBP Group contracts more than USD 180mln for oilfield project in Iraq

China Oil HBP Group (002554.SZ) announced on Thursday that it has won the bidding for the EPC project of Iraq's Basra Oil Company (BOC) to upgrade the DS2 water-bearing crude oil processing and transportation station in Majnoon oilfield, and recently signed the contract with a total value of about 185 million U.S. dollars, reported Chinanews.com.

BOC, the owner of the project, is Iraq's largest state-owned oil company which focuses on oil and gas development in Iraq, according to HBP's announcement.

The contract amounts to approximately 79.97 percent of HBP's audited operating revenue in 2021 and is expected to have a positive impact on the company's operating performance in 2023 and future years, according to the group.

In addition, the signing of the contract is conducive to further consolidating the company's market position in the Middle East region and laying a good foundation to further develop overseas markets. With the growing maturity and development of the company's overseas market layout and influence, the group is expected to make continuous breakthroughs in the Middle East, Central Asia, Africa and America in the future.