Global Oil & Gas: “China’s CNPC Sets Up Mideast Headquarters In Dubai Free Zone” – Reuters

CNPC - headquarters of CNPC

The headquarters of CNPC

China National Petroleum Corporation (CNPC) has agreed to set up its regional headquarters in the Jebel Ali Free Zone (Jafza) of Dubai to oversee investments, oil services and trading in the Middle East, according to state media and a CNPC source.

The new headquarters covers 55,000 square metres and includes a 10,000 sq m multi-storey office and warehouse facility for oil and gas equipment, China’s official Xinhua news agency reported on Tuesday.

All of CNPC’s 16 companies operating in the region will have their offices at Jafza, Zhu Junfeng, chief executive of CNPC Middle East was cited as saying.

The announcement came shortly after CNPC agreed to acquire 8 percent in Abu Dhabi’s giant onshore oil and gas project known as ADCO.

CNPC, parent of Asia’s largest oil and gas company PetroChina, has since last year centralized its activities in the Middle East via an expanded Dubai operation that covers upstream investment, oilfield services as well as oil trading, said a Dubai-based CNPC source.

Apart from UAE, CNPC invests heavily in Iraq and has recently stepped up oil and gas activities in Iran.

(Reporting by Chen Aizhu; Editing by Tom Hogue)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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