Technip and engineering group Huanqiu Contracting are to link-up to establish two new joint ventures aimed at increasing their European and Chinese procurement markets.
The companies, which will be based in Rome and Beijing, will carry out procurement work for onshore and offshore projects around the world, but will focus on the European and Chinese sectors.
HQC, which is linked with China’s National Petroleum Company, will take a 51% stake in the Chinese venture, with Technip taking a 51% share of the Italy-based link-up.
“Formalizing our cooperation with HQC, with which we have been collaborating for 25 years, will help us expand business development opportunities on the international oil & gas market, especially in China, and deliver added value to our clients,” said Technip vice president Marco Villa.
The companies have most recently worked together on engineering and design work for the Lelu Island LNG project in Canada along with Samsung.
“We will benefit from Technip’s multi-local network of European suppliers and vice versa,” said HQC president Wang Shihong.