Sinopec Oilfield Service subsidiary wins RMB 858 million pipeline contract

Sinopec Oilfield Service Corporation announced that its wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Co., Ltd., has won the bid for the western section of the Yongshao Trunk Line Natural Gas Pipeline Project from China Oil & Gas Pipeline Network Group Co., Ltd. (PipeChina). The contract value is RMB 858 million, representing approximately 1.06% of Sinopec Oilfield Service Corp's 2024 operating revenue under Chinese accounting standards.

The project involves the construction of approximately 120 kilometers of pipeline, expected to play a crucial role in optimizing Zhejiang Province's energy structure, boosting economic development along the route, and facilitating a nationwide natural gas network. This win underscores the company's technical expertise and project management capabilities in oil engineering construction.

The related amount from this PipeChina project has been included within the maximum daily related party transaction limit for 2025, which was approved at the eleventh board of directors' seventh meeting on March 18, 2025, and June 6, 2025, as well as the 2024 annual general meeting. As of the announcement date, the contract has not yet been formally signed, and the project remains subject to uncertainty. Investors are advised to exercise caution regarding investment risks.