Kerui Petroleum Won a Contract to Supply Geothermal Drilling Rigs and Related Service Orders in Ethiopia

BEIJING,Feb. 28,2019 -- On February 23rd,Kerui Petroleum,along with a geothermal exploration company in East Africa,successfully signed a geothermal exploration contract with theEthiopia electric power. The contract value is more than USD 80 million. The project is Ethiopia's first geothermal energy exploration project and the largest one in the geothermal energy field. After completion,the project will provide living and industrial electricityfor cities and towns in Ethiopia.

The project includes 2 sets of 50DB geothermal drilling rigs and the whole year of geothermal drilling services. As important support of Ethiopia's national geothermal exploration strategy,the selection of suppliers for this project is also extremely demanding. Kerui Petroleum stood out in the fierce competition and gained recognition from customers relying on its joint strategic partners,the advantages of one-stop integrated solutions in equipment,oil service and engineering,as well as its mature technical solutions and rich project experiences.

Ethiopia has abundant geothermal energy,and the Ethiopian government attaches great importance to the development of the energy industry,especially the renewable energy industry,among which wind energy and geothermal energy will be focused on.

Ethiopia isan important country ofthe Belt and RoadInitiative andKerui Petroleum has developed the market for many years. The business area continues to expand,from spare parts supply to integrated services like complete equipment services,technical services,maintenance as well as operation. These provide a solid foundation for the acquisition of the project.

"The acquisition of the project has enhanced the influence of the Kerui petroleum brand in the African region," Ding Tuanwei,the project leader,said. "The next priority is to complete project delivery and take the project as an opportunity to accelerate the localization of Kerui petroleum,develop deeper the Ethiopian and the entire African market,promote mutual benefit and win-win cooperation with strategic partners and customers,and continue to contribute to the development of oil & gas energy in the Belt and Road Initiative".