International oil and gas facilities service provider Petrofac has announced a joint venture based in the Middle East.
It is with China Petroleum Engineering and Construction Corporation (CPECC), the engineering and construction subsidiary of the China National Petroleum Company.
The new venture is called China Petroleum Petrofac Engineering Services (CPPES) and will be based in Sharjah in the United Arab Emirates.
It will provide project management and engineering services for selected oil and gas projects, focusing on projects for Chinese companies.
Petrofac and CPECC are said to have a long-standing relationship and track record of co-operation, most recently being jointly awarded an inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq.
The joint venture is 51% owned by CPECC and 49% by Petrofac.
Maroun Semaan, chief operating officer at Petrofac, said: “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.”
Hou Haojie, president of CPECC, said: “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.”