Asian Tech Press (Oct 9) -- China National Chemical Engineering Co. Ltd.(CNCEC) announced on Sunday that its subsidiary has signed an 8.4 billion euro general engineering contract in Russia.

In an announcement, CNCEC said that its wholly-owned subsidiary, China National Chemical Engineering No. 7 Constroction Co. Ltd., recently signed a general engineering contract for the Baltic gas-to-methanol chemical complex project in Russia with Baltic Methanol LLC.

The work will perform under FEED+EPC (front-end engineering design + engineering, procurement, and construction) contract model, with a contract duration of 48 months and a total contract value of 8.4 billion euros.

CNCEC said the contract amount accounts for 41.25% of the company's audited operating revenue in 2022.

And the signing of the contract is expected to have a positive impact on the company's financial position and operating results in the coming fiscal years, it added.