China Petroleum Engineering Construction Enterprises Group (CPECEG) said it signed contracts for overseas construction projects valued 490 million U. S. dollars in the first ten months this year.

Total business turnover of the leading Chinese construction project contractor amounted 410 million U.S. dollars for the ten- month period, said Qin Anmin, general manager of CPECEG.

CPECEG has been selected as one of the world's 250 top contractors since 1993.

According to Qin, the company is giving priority to the Asian market, while exploring the African and South American markets.

The company has contracted over 200 overseas projects, valued at more than two billion U.S. dollars since its founding in 1980. The company's business volume has reached 1.64 billion U.S. dollars.

An oil field and 1,506-meter-long oil pipeline in Sudan built by CPECEG went into operation in July this year. An oil refinery in Sudan also built by CPECEG will be put into production by June next year with an estimated annual processing capacity of 2.5 million tons.