Beijing, September 29, 2017 — POWER is pleased to announce that our company (Power Petroleum International Co., Limited) recently participated in tendering of Halfaya project for Provision of Drilling Fluids Materials, Equipment and Services, which is organized by PetroChina Iraq Branch, and has already awarded the project. The estimated contract value of the project is over 20 million USD. This is the fourth drilling fluids service contract that our company received for the Halfaya Oilfield since 2010.
The provision of drilling fluids materials, equipment and services will tremendously improve PetroChina’s operation and cost efficiency. Our company has experienced engineers and has been constantly optimizing the mud formula over the years. Moreover, we have set out emergency response schemes to prevent well control situation happens based on our advanced technology. Our unique and professional design and qualified products assure that we will provide PetroChina with satisfactory services.
We are confident to believe that POWER will maintain its sustainable development and business expansion with awarding more contracts in different fields and providing smooth operations. The outcome of successfully signing the contract is expected to have a positive effect on our Company's operating results in 2017 and the future.