CNPC Engineering (600339.SH) subsidiary plans to invest 40 million yuan to establish CNPC (Beijing) Project Management Co., Ltd.

According to the Zhitong Finance App, CNPC Engineering (600339.SH) announced that according to the company's overall development plan, China Petroleum Group Engineering Co., Ltd. (hereinafter referred to as “CNPC Engineering Co., Ltd.”), a wholly-owned subsidiary, will invest 40 million yuan to establish CNPC (Beijing) Project Management Co., Ltd. and hold 100% of its shares. After the establishment of the project management company is completed, it will integrate the company's project management related services, actively develop full-process engineering project consulting services, vigorously promote green, low-carbon and digital transformation, and accelerate the establishment of a world-class engineering project management service provider. Subsequently, the company will cancel the Beijing Project Management Branch of China Petroleum Group Engineering Co., Ltd. in due course and in accordance with the law.

The investment will further optimize the company's management system, improve management efficiency, create a new competitor in the project management business market, enhance the company's ability to manage the whole process of engineering projects from definition to commissioning, continuously raise the level of internationalization of newly established companies, and accelerate the cultivation of well-known project management brands.