China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of China National Petroleum Company (CNPC), and Petrofac, London-listed international oil & gas facilities service provider, have established a new strategic joint venture: China Petroleum Petrofac Engineering Services (CPPES). CPECC will hold 51% and Petrofac 49% of the new venture. Based in Sharjah, United Arab Emirates, the new venture will focus on projects for Chinese oil and gas companies but is not limited to any one region.

Mr. Hou Haojie, President of 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.”

Maroun Semaan, Group Chief Operating Officer of 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 capitalize on the significant opportunities in China and internationally.”

CPECC and Petrofac have cooperated numerous of times in the past. Most recently with the joint awarding of an inspection, maintenance and repair contract for the Rumaila oilfield in southern Iraq.