HK Stock Market Move | SINOPEC SSC (01033) surged nearly 15% in intraday trading, as the company continues to advance its overseas strategy. The newly signed contract amount in the first half of the year increased by more than 70%.

SINOPEC SSC (01033) rose nearly 15% during trading, up 9.33% as of the press release, at HK$0.82, with a trading volume of HK$154 million. On the news front, SINOPEC SSC previously announced that its subsidiary, China Petroleum Engineering, signed a fixed-price contract with TotalEnergies Ratqa Project Company for the design, procurement, supply, construction, and commissioning of the second-phase well field and inter-well pipeline project in the Ratqa oilfield area of Iraq, with a contract amount of RMB 25.53 billion. Industry analysts pointed out that Iraq is an important oil and gas production area in the Middle East, and the successful landing of this project signifies that Sinopec Oilfield Service Corporation's technical capabilities and project management level in the field of high-end engineering general contracting have been internationally recognized, opening up more cooperation opportunities for large projects in the Middle East. Public information shows that in the first half of 2025, Sinopec Oilfield Service Corporation's overseas business demonstrated strong growth in both orders and revenue: the new contract value in the overseas market reached RMB 19.62 billion, a significant year-on-year increase of 71.8%, accounting for 30.8% of the total new contract value during the same period, an increase of 12.3 percentage points from the same period last year; international business achieved main business income of RMB 9.28 billion, a year-on-year increase of 4.3%, with the proportion of total revenue rising to 25.3%, becoming the core driving force to hedge fluctuations in domestic and foreign markets and drive overall growth.