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Publish Date : 28-Oct-2015

China's Honghua Group Ltd. said that its indirect claimed auxiliary Sichuan Honghua International Co., Ltd. (Honghua International) and Petroleo de Venezuela, S.A. (PDVSA) secured into 3 oilfield service deals for Honghua International to render turnkey facilities in Lake Maracaibo province of Venezuela, said the firm.

In the $340 million deals, Honghua International will operate on the progressive cavity pump development venture, electric submersible pump enhancement venture and pipe laying venture for PDVSA.

In the filing on the Hong Kong Exchanges and Clearing Ltd., Honghua said, "Honghua Internationals entering into the Service Agreements with PDVSA indicates that the Company makes a great breakthrough in Engineering Procurement Construction service business of the Company s oilfield services. It not only enhances the Companys market position in the South American markets, but also extended our unique advantages in related products/services, global procurement network and customer network."

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