China's CPEC secures $2.5 billion seawater pipeline project in Iraq
Basra Oil Company (BOC) has awarded the project to Pipeline Engineering, a CPEC affiliate, its Beijing-based parent firm said on Friday, according to Yicai Global, the English-language edition of Shanghai-based business and financial media outlet Yicai.
It is estimated that the mainline from seawater treatment facilities to different connection stations, branch pipes from those stations to oilfield distribution posts, and related onshore facilities will take 54 months to complete.
A contract has yet to be finalized, so formal execution is questionable, according to CPEC. However, if legally contracted and effectively completed, the project will boost the company's revenues over the next four to five years.
CPEC has shifted its focus to higher-end projects, collaborating with multinational and national energy corporations as well as global construction businesses.
In the past couple of months, CPEC's affiliated companies have signed two contracts with France's TotalEnergies, valued at $1.6 billion and $294 million, respectively.
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