Petrofac, the international oil & gas facilities service provider, and China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of China National Petroleum Company (CNPC), have established a new strategic joint venture, China Petroleum Petrofac Engineering Services (CPPES). Based in Sharjah, UAE, the joint venture will provide project management and engineering services for selected oil & gas projects, focusing on projects for Chinese oil & gas companies.
Petrofac and CPECC have a long-standing relationship and track record of cooperation, most recently being jointly awarded an inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq. The strengthened relationship was recognised at an official ceremony that took place at CPECC's offices in Beijing on 19 September.
The joint venture which is 51% owned by CPECC and 49% owned by Petrofac, following formal signing and exchanging of contracts, will be established under the leadership of personnel from both companies.
Maroun Semaan, group chief operating officer, Petrofac, commented:
"Cementing our association with CPECC represents a significant milestone for Petrofac. Our relationship with CPECC extends over the last seven years and I am delighted it has been strengthened with the creation of this joint venture. Together, we have considerable resources and world-class engineering and construction expertise and our collaboration should enable us to capitalise on the significant opportunities in China and internationally."
Mr Hou Haojie, President, CPECC, commented:
"It is a delight that CPECC and Petrofac have come together to combine and harness their respective talents in order to deepen the portfolio in our local and international markets."