China’s CNPC to establish Mideast headquarters in Dubai
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Beijing - Arab Today
China National Petroleum Corporation (CNPC) has agreed to establish 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 meters and includes a 10,000 square meters multi-story 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 quoted 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 Abu Dhabi Company for Onshore Petroleum Operations Ltd. (ADCO).
CNPC, parent of Asia’s largest oil and gas company PetroChina, has since last year increased 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.
Source: Arab News
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