Shandong Molong Petroleum Machinery Co Ltd<0568>, one of the first companies manufacturing special petroleum equipment in China, has won an order of 50,600-ton oil casing pipes from China National Petroleum Corp, representing 4.04% of total bids launched by the Chinese oil giant, sources reported.
The figure was 81.85% more than the 27,800 tons the firm gained from CNPC in 2010.
Shandong Molong Petroleum Machinery, which has been maintaining a close partnership with CNPC for years, has won a total order of 74,800 tons of casing pipes from the oil giant.
Researchers said the U.S. economic recovery and oil price increase help the global oil casing pipe industry maintain growth. Shandong Molong will benefit a lot from the oil price hike.
In addition, a project Shandong Molong invests with financing is scheduled to start full operation in 2013, and its oil casing pipe production capacity will increase from the current 350,000 tons to 650,000 tons.
