Petrofac and CPECC Establish New Joint Venture
Press Release
19 September 2011
PETROFAC LIMITED
PETROFAC AND CPECC ESTABLISH NEW JOINT VENTURE
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, 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."
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
Stephen Malthouse
Martin Robinson
petrofac@tulchangroup.com
Notes to Editors
Petrofac
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Developments.
Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.
With more than 14,500 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 21 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
CPECC
CPECC, formed in 1980, is the engineering and construction subsidiary of China National Petroleum Company. CPECC is the leading EPC contractor in the Chinese oil & gas sector with around 18,000 employees.
With more than 50 years' history and starting its overseas business in 1980, CPECC specialises in contracting international petroleum and petrochemical projects, and has been the largest and leading subsidiary of China National Petroleum Corporation (CNPC) in the field of international oil & gas engineering and construction.
With over 18,000 employees encompassing a diverse range of technical expertise and management professionals CPECC has the capability for providing comprehensive project services from front-end development to engineering, procurement, construction, commissioning and startup in accordance with international standards and best practice.
CPECC's core regional markets currently cover North Africa, Central Asia, South Asia, South America and the Middle East respectively around Sudan/Algeria, Kazakhstan, Pakistan, Venezuela and Syria.
For additional information, please refer to the CPECC website at www.cpecc.cn.
This information is provided by RNS
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