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CN Chemical Engineering secures RMB 18.64-bln deal in Dubai

May. 30, 2012 (China Knowledge) - China National Chemical Engineering Co Ltd<601117> yesterday announced it had signed a RMB 18.64 billion or US$2.95 billion worth of contracts with the Engineer’s Office (EO), the construction department of the Dubai government, to start a property project in Dubai.

The contract value accounts for 42.82% of the Chinese company's operating revenue in 2011, said a person familiar with the matter.

The person added that the contract will not come into effect until the EO inks a loan agreement with Export-Import Bank of China.

The project, named the National House Scheme in Dubai, would be completed within 60 months.

Shanghai-listed China National Chemical Engineering, principally engaged in engineering construction and design, has posted RMB 418 million-net profit for the Q1 2012, reflecting a YoY increase of 26.92%. Operating revenue for the period grew 32.84% YoY to RMB 9.47 billion.

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