China Petroleum Engineering Wins Russia Gas Work
China Petroleum Engineering said a subsidiary has won a contract worth $2.52 billion for the construction of a gas processing plant with Russia's NIPI gas.
The project, part of the Power of Siberia pipeline to ship gas from eastern Siberia to China, will process 42 billion cubic metres of gas a year, the company said in a statement to the Shanghai Stock Exchange on Wednesday.
It will take eight years to build and require an estimated total investment of between $15-20 billion, it added.
The Russia-China eastern pipeline is designed to deliver 38 billion cubic metres of gas per year to China over 30 years, with the first deliveries scheduled for 2019.
(Reporting by Dominique Patton)
