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UNITED KINGDOM: Petrofac and CPECC Establish New Joint Venture
Publish Date : 20-Sep-2011
London-listed oil and gas engineering and construction company Petrofac and China Petroleum Engineering & Construction(CPECC) have established a new joint venture.
The Joint venture will be known as China Petroleum Petrofac Engineering Services, or CPPES. CPECC will hold 51% and Petrofac 49% of the new venture. Based in Sharjah in the United Arab Emirates, the new venture will focus on projects for Chinese oil and gas companies but is not limited to any one region.
Maroun Seeman, group chief operating officer of Petrofac, said the deal would cement a seven-year long relationship between the two companies. \"Together, we have considerable resources and world-class engineering and construction expertise”, he said, “and our collaboration should enable us to capitalise on the significant opportunities in China and internationally\".
CPECC president Hou Haojie said the tie-up would see the two companies “combine and harness their respective talents in order to deepen the portfolio in our local and international markets\".
