Date：2025-02-20
Recently, Offshore Oil Engineering Co., Ltd. (COOEC) and Saudi Aramco held a Long-Term Agreement (LTA) renewal ceremony in Dhahran, Saudi Arabia. This event signifies further recognition of the COOEC's international engineering, procurement, and construction (EPC) capabilities and holds significant importance for advancing the sustained development of its Middle East operations. COOEC Vice President Zhang Haitao and Yahya A. Abu Shal, Senior Vice President of Upstream and Downstream Project Management at Saudi Aramco, attended the ceremony.
? Zhang Haitao and Yahya A. Abu Shal, respectively representing COOEC and Saudi Aramco, jointly executed the LTA and engaged in in-depth discussions on project progress, localized investment strategies, and future collaboration frameworks.
? Since the initiation of the LTA renewal process, COOEC has established a dedicated task force to conduct comparative analysis of ongoing projects against the original LTA provisions, systematically identify potential operational risks, and proactively coordinate stakeholder negotiations, ultimately completing the renewal with exceptional efficiency and compliance with international engineering standards.
? The Long-Term Agreement (LTA) represents a strategic partnership framework between Saudi Aramco and its qualified contractors, serving as a critical gateway for COOEC's market penetration in Saudi Arabia's offshore energy sector. In 2018, COOEC achieved a significant milestone by securing its inaugural LTA with Saudi Aramco, marking its distinction as the sole Chinese contractor qualified for Saudi Aramco's offshore EPC shortlist.
? The successful renewal of Saudi Aramco's LTA marks a substantial advancement in COOEC's strategic positioning within the top tier of international EPC contractors, demonstrating its successful integration of market access capabilities, technical expertise, resource optimization, and project execution proficiency within the Saudi market. Building upon this achievement, COOEC is poised to intensify its market development initiatives in Saudi Aramco projects, expand its overseas market share, and deliver comprehensive "China Solutions" for energy development across Belt and Road Initiative partner countries.
Offshore Oil Engineering Co., Ltd. is a listed company controlled by China National Offshore Oil Corporation. It is the only large general contracting company in China with capacities to undertake the design, procurement, construction, offshore installation, commissioning and maintenance of offshore oil and gas development projects, as well as the liquefied natural gas, offshore wind power, refining and chemical projects, etc. It is also one of the largest and the most competitive EPCI (engineering, procurement, construction and installation) contractors of offshore oil and gas projects in the Asia-Pacific region. The Company is headquartered in Binhai New Area, Tianjin. It was listed on Shanghai Stock Exchange (Stock Short Name: COOEC, Stock Symbol: 600583) on February 2002.
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