CNPC sets up in Dubai
DUBAI, April 11, 2017 – China National Petroleum Corporation (CNPC) will set up a new Middle Eastern headquarters in Dubai, state media reported on Tuesday.
The new premises will be located in the Jebel Ali Free Zone (Jafza), where it will eventually be joined by all of CNPC’s 16 entities active in the region, according to the company’s chief executive for the Middle East, Zhu Jungfeng.
The 55,000-square-metre site from where CNPC will co-ordinate its regional activities will feature a 10,000-square-metre warehousing space.
CNPC in February closed a deal with Abu Dhabi National Oil Company (ADNOC) for a stake in the emirate’s onshore concession.
The agreement, valued at USD 1.77 billion, landed CNPC an 8% stake in the concession, operated by Abu Dhabi Company for Onshore Petroleum Operations (Adco). The Chinese major joins Total, BP, Inpex and GS Energy in the development of the area.
The company, also through PetroChina, additionally has a large footprint in Iraq. CNPC operates the Ahdab field while PetroChina operates the Halfaya field and participates in the development of the super-giant Rumaila field.
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