The China National Petroleum Corporation (CNPC) has decided to set up its regional headquarters in the Jebel Ali Free Zone (JAFZA) of Dubai to oversee its regional investments, oil services and trading in the Middle East, Reuters reported quoting state media and a CNPC source.
The new headquarters covers 55,000 square metres and includes a 10,000 sqm multi-storied office and warehouse facility for oil and gas equipment, according to China’s official Xinhua news agency.
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 – which was ranked #12 in Oil & Gas Middle East’s recently published annual Power 50 list – agreed to acquire 8% in Abu Dhabi’s giant ADCO onshore oil and gas project.
CNPC, parent of Asia’s largest oil and gas company PetroChina, has since last year centralised its activities in the Middle East via an expanded Dubai operation that covers upstream investment, oilfield services as well as oil trading, a Dubai-based CNPC source told Reuters.
Apart from the UAE, CNPC invests heavily in Iraq and has recently stepped up oil and gas activities in Iran.
