Offshore oil engineering wins a multi-billion dollar LNG project

2014-07-03 09:00

On the evening of July 2, COOEC announced that its controlling subsidiary, Offshore Oil Engineering (Qingdao) Co., Ltd., recently signed a Module Fabrication Work Package 1 (MWP1) process module construction contract with Yamgaz SNC, the general contractor for the Russia Yamal LNG project. The contract value is approximately 1.643 billion US dollars, equivalent to 10.109 billion RMB.

It is understood that the contract includes the construction of 36 process modules and became effective on May 28, 2014. Construction for the contract is planned to commence in September 2014 and be completed in July 2017.

The Yamal LNG project is located on the Yamal Peninsula in northern Russia. The overall project development will primarily involve the construction of an LNG plant and auxiliary port facilities. The MWP1 contract undertaken by the company is for the core process module section of this LNG plant.

This contract is the company's largest overseas contract to date, a comprehensive reflection of the significant improvement in the company's EPCI general contracting capabilities and overall strength in recent years, and a result of the company's continuous efforts to strengthen international market development.

This project marks the first time core process modules for a modular LNG plant are built in China. The implementation of this project will further expand the company's influence in the international LNG industry and significantly enhance the company's reputation in modular construction and high-end manufacturing, playing a positive role in further expanding the company's international market.

The fulfillment of this contract will accumulate important experience for the company to deepen cooperation with major international oil companies and actively participate in international competition, helping the company to further understand and become familiar with international standards, and effectively enhancing its international competitiveness.

Through the implementation of this project, the company's construction efficiency for core modules will be further improved, and the utilization rate and operation efficiency of the company's construction site will be increased, which is conducive to cultivating a group of project management talents and technical talents, and better training the construction team.

The signing of this contract marks a new breakthrough in the company's international market development. The company will continue to strengthen its efforts in overseas market development and further expand its international market space.

It is understood that the operator of the Yamal project is Novatek, a Russian company, which owns 60% of the project's equity. In addition, TOTAL and China National Petroleum Corporation each own 20% of the equity.

The general contractor for the Yamal project is Yamgaz, a joint venture of Technip, JGC, and Chiyoda. COOEC is responsible for the construction of the MWP1 core process modules as a subcontractor.

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