[Saipem wins $1.25 billion onshore and offshore contracts in Middle East] Saipem has secured US$1.25 billion worth of onshore and offshore contracts in the Middle East. The first group deals with the extension of onshore drilling contracts in the Middle East with a total value of approximately US$600 million. The award relates to a ten-year extension of existing contracts for four onshore drilling rigs located in the Middle East. Editor/Xing Wentao

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• 2026.02.28 17:21
• [The situation in the Middle East is rapidly escalating]
• On February 28, 2026, the security risks in the Middle East continued to rise, with the United States, the United Kingdom, France, and others withdrawing non essential personnel from Iran and Israel, and multiple countries issuing travel bans. The Chinese Ministry of Foreign Affairs reminds citizens not to travel to Iran temporarily and to evacuate personnel in Iran as soon as possible. Regional tensions have pushed up international energy prices, and global market risk aversion has intensified.Editor/Bian Wenjun

• 2026.02.28 17:19
• [Risk preparation for forward foreign exchange sales starting from March 2nd]
• The People's Bank of China announced that from March 2, 2026, the foreign exchange risk reserve ratio for forward foreign exchange sales business will be reduced from 20% to 0. This move will significantly reduce the cost of currency hedging for foreign trade enterprises, support the stable development of the real economy, promote the smooth operation of the foreign exchange market, and release the policy intention of stabilizing foreign trade and expectations.Editor/Bian Wenjun