HBP Signed Major Business Contract with LUKOILMID-EASTLIMITED

China Oil HBP Science & Technology Corporation Ltd. (Hereinafter referred to as “HBP”) signed DAMMAM decentralized water injection facility EPC project of West Qurna Oilfield in Iraq on April 18, 2019 with LUKOILMID-EASTLIMITED (Hereinafter referred to as “LUKOIL”)on April 18, 2019.The contract amount is about ¥181 million.


LUKOILMID-EASTLIMITED is the international branch of Lukoil Russia, LUKOIL is one of the largest vertically integrated oil and gas companies in the world. The company's main business is the exploration and development of oil and gas, the production and sale of petroleum and petrochemical products.LUKOIL's main operations in the exploration and mining field are in Russia, and West Siberia is the company's basic oil and gas base.LUKOIL's products are mainly sold internationally. Its petroleum products market is Russia, Eastern Europe, the Commonwealth of Independent States and the United States.


In the past two years, HBP has seized the opportunity of the international oil price recovery and continued to increase the development of the international market.Up to now, the market performance of the previous period has been very significant, and the orders in hand have increased significantly compared with the same period of last year, and the overseas market has further expanded.This is the first time the company has signed an EPC project general contract with the international oil company Lukoil, which is another international first-line oil company beside Malaysia National Petroleum Corporation. The company has made a qualitative breakthrough in customer development, and at the same time further consolidated the company's market development results in the Middle East and expanded the brand influence of HBP, the company expects a sustained breakthrough in the region in 2019.


HBP is confident to seize the industry's recovery and the good opportunities of continuous deepening of the "Belt and Road" international cooperation, realizing the development of oil and gas engineering services business in a wider field.The signing of this contract will lay a good foundation for the company to further develop a promising overseas market, HBP also has taken a solid step toward the goal of the world's leading oil and gas field engineering service provider.

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