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CHU KONG PETROLEUM AND NATURAL GAS STEEL PIPE HOLDINGS LIMITED
珠江石油天然氣鋼管控股有限公司
(incorporated in the Cayman Islands with limited liability)
(Stock code: 1938)
BUSINESS UPDATE:
AWARD OF NEW ORDERS OF
STEEL PIPES OVER 161,000 TONS IN THE FIRST QUARTER OF 2019
This announcement is made by Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited (the "Company", together with its subsidiaries, the "Group") to keep the shareholders and potential investors of the Company informed of the latest business development of the Group.
The board (the "Board") of directors (the "Directors") of the Company is pleased to announce that the Group has received new orders for the supply of over 161,000 tons of steel pipes in the first quarter of 2019. Among the new orders recently received, the Group has been awarded several contracts from China Petroleum & Chemical Corporation ( 中 國 石 油 化 工 股 份 有 限 公 司 ) ("Sinopec"), an independent third party, for supplying approximately 35,600 tons of steel pipes for its gas and oil pipeline projects in the People's Republic of China (the "PRC"), including projects of Rizhao Port-Jingbo Oil Pipeline, Yuexi Pipe Network and Qingning Gas Pipeline Project. The steel pipes for these projects are expected to be delivered in 2019.
Among the new orders, the Board is also pleased to announce that the Group's joint venture company ("JV Company") in Saudi Arabia has been awarded a new order of steel pipes from Saudi Arabian Oil Company ("Saudi Aramco"), an independent third party, for supplying approximately 26,248 tons of steel pipes for its Saudi Aramco Marjan Project.
The Board considers that the award of steel pipes orders from Sinopec in the PRC signifies the rebound of steel pipe demand in the PRC. In light of the PRC's 13th Five-Year Plan for Economic and Social Development (中華人民共和國國民經濟和社會發展第十三個五年規劃綱要), the Directors expect that more projects will be launched in the steel pipe industry in the PRC.
By order of the Board
Chu Kong Petroleum and Natural Gas
Steel Pipe Holdings Limited
Chen Chang
Chairman
Guangdong Province, the PRC, 3 April 2019
As at the date of this announcement, the Board comprises three executive directors, namely Mr. Chen Chang, Ms. Chen Zhao Nian and Ms. Chen Zhao Hua; and three independent non-executive directors, namely Mr. Chen Ping, Mr. See Tak Wah and Mr. Tian Xiao Ren.