China National Petroleum Corporation (CNPC) to Establish Regional HQ in Dubai

China National Petroleum Corporation (CNPC) to Establish Regional HQ in Dubai

Jebel Ali Free Zone and the China National Petroleum Corporation (CNPC), the largest integrated energy company in China, have signed an agreement to establish CNPC’s regional headquarters in JAFZA to better serve its customers in the Middle East.

The agreement was signed between the Chief Executive of JAFZA and Senior Vice President and Managing Director of DP World, UAE Region, Mohammed Al Muallem, and Chief Executive of CNPC Middle East, Zhu Junfeng, in the presence of senior officials. The new headquarters covers 55,000 m2 and include a 10,000 m2 multi-storey office and warehouse facility for the storage, maintenance and repair of oil and gas equipment.

Mr Junfeng said: “This regional headquarters brings together all of our 16 listed companies in Jafza under one roof and will also support our expansion plans in the UAE and the Middle East, following our acquisition of an 8% stake in the Abu Dhabi Company for Onshore Oil Operations (ADCO) for $1.8 billion. We will now be able to provide operational support throughout the Middle East with room to grow our portfolio while increasing demand for our services.”

Apart from the UAE, CNPC has interests in oil production and oilfield services in Iraq and Iran. CNPC is partnering with Total and Petronas in the development of the Halfaya oil field, and with BP at the Rumaila oil field in Iraq. CNPC is also a partner of France’s Total in an initial agreement to develop phase 11 of the South Pars gas field in Iran.

In April the New Constant oil tanker, with 1 million barrels of CNPC’s equity oil from the ADOC concession, set sail from the Port of Fujairah in UAE to China. CNPC says this indicates that the onshore oilfield concession project involving Abu Dhabi Company for Onshore Petroleum Operations (ADCO) is already generating an investment return since a contract was signed in February between CNPC and ADNOC. It also represents a key milestone for CNPC since the company entered the UAE market by jointly developing offshore and onshore blocks with ADNOC in 2013.
Source: themaritimestandard

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