HK Stock Market Move | SINOPEC SEG (02386) rises by over 3%, signs a $2.5 billion EPC contract in Kazakhstan.

SINOPEC SEG (02386) rose by more than 3%, up 2.9% to HK$5.32 as of the time of writing, with a turnover of HK$62.276 million. On the news front, SINOPEC SEG announced that the company has formed a joint venture with Spain's Tecnicas Reunidas Company (TR Company) in a 50-50 partnership. They have recently signed an EPC engineering and construction contract with Kazakhstan's Silleno company for the ethane cracking project at a petrochemical complex project in Kazakhstan. This project is a national flagship project for the development of the petrochemical industry in Kazakhstan. The owner, Silleno company, is a joint venture established by the Kazakhstan National Oil and Gas Company and China Petroleum & Chemical Corporation. The contract is worth about US$2.5 billion and will be included in SINOPEC SEG's outstanding contract amount.