China's CNPC bags $3.29 billion crude pipeline construction order from UAE

By Difan Yu
01 December 2008 @ 04:58 am EDT

China National Petroleum Corp (CNPC) has won a $3.29 billion crude oil pipeline construction contract from the International Petroleum Investment Co. of United Arab Emirates (UAE), the official Xinhua news agency said on Monday.

The report said it is CNPC's biggest-ever overseas engineering and construction project. The project will commence at the end of 2010 and will be completed by August of 2011.

Xinhua also that the 400-kilometer long crude pipeline will connect Fujairah port in the east from an oilfield in the western part of the country. The pipeline has a designed capacity of 1.5 million barrels of crude per day with a maximum capacity of 1.8 million barrels of crude per day.

China National Petroleum Corp is the parent company of Shanghai listed Petro China Co. Ltd (601857.SH).

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