(Yicai Global) April 9 -- Chinese private drilling firm Zhongman Petroleum and Natural Gas Group Corp. has won its bid for a USD23 million drilling project in Pakistan.
Shanghai-based ZPNG signed with Pakistan Petroleum Ltd. to close a deal that will mark its first drilling project in the South Asian country, the firm said. This will help ZPNG further develop the oil and gas engineering services market in Belt and Road countries, it added. Construction will take two years and the project’s value represents 9 percent of ZPNG’s 2016 revenue.
Often compared with the ancient Silk Road, the One Belt, One Road initiative was proposed by Chinese President Xi Jinping in 2013. It is a grand 30- to 40-year plan for a vast infrastructure and trade route boasting a major network of railroads, highways, ports and pipelines embracing the continents of Asia, Europe and Africa.
PPL is a leading natural gas supplier in Pakistan, providing more than 20 percent of the country’s gas. The Pakistani government holds a 67.51 percent stake in the firm.
ZPNG, a global drilling contractor and oil equipment maker, has subsidiaries in the key oil-producing regions of Dubai, the United Arab Emirates, Basra, Iraq and Tehran, Iran. Founded in 2003, its clients include China’s three major state oil firms, Royal Dutch Shell Plc, Gazprom Neft PJSC and other international giants.