Sinopec Oilfield Service Corporation (SSC) (SH 600871) announced on the evening of 6 June that Sinopec International Petroleum Services Corporation, a wholly-owned subsidiary of Sinopec Oilfield Service Corporation and Saudi Arabian Oil Company (“Saudi Aramco”) entered into a turn-key fixed-price contract for the in-country procurement and construction of Packages 6 and 7 of the Phase 3 Pipeline Project Clusters of the Master Gas System (“MGS”), with the Contract value amounted to SAR5,171,253,587 (approximately RMB7.956 billion, excluding value-added tax).Sinopec Oil Engineering and Construction Corporation, a wholly-owned subsidiary of Sinopec Oilfield Service Corporation, is responsible for the implementation of Packages 6 and 7 pipeline projects under the Contract, mainly undertaking the EPC engineering services for the natural gas long-distance pipeline and its ancillary facilities with a total length of 696 kilometers for both lines. The contractual construction period is 1,275 days.
It is understood that the Saudi Aramco MGS pipeline Phase III project group is the third stage of the development of Saudi Aramco commercial natural gas pipeline project, the main task is to transport natural gas from the eastern Saudi gas field to the central and western coasts of Saudi Arabia, to meet the needs of the rapid development of Saudi national economy, and is a natural gas transmission artery across Saudi Arabia from east to west. The total length of the 6-package and 7-package project is 697.49 kilometers, and the construction content includes the double-line 56-inch buried pipeline and the new supporting facilities along the line.
In recent years, the Sinopec Oil Engineering and Construction Corporation has actively responded to Sinopec's "going out" overseas development strategy and actively responded to the national "Belt and Road" initiative, and has successively conducted projects in Saudi Arabia, Kenya, Uganda, Sudan, Qatar, Algeria and other countries. Contracted Saudi MIP, Uganda Tilenga EPSCC project, Saudi Ministry of Agriculture water purification pipeline project and other projects, and established good cooperative relations with Saudi Aramco, Total and other owners, laid a solid guarantee for the success of the project.
In the next step, the Sinopec Oil Engineering and Construction Corporation will implement the Saudi MGS project as an important starting point to achieve the "three thirds", continue to promote the development of "Saudi regional integration", actively "make bigger and better" Saudi national market, gather wisdom and strength to create a new benchmark for the company's overseas projects, and provide strong support for building a technology leading company and building a first-class engineering construction company.
