China National Petroleum Corporation (CNPC), the largest integrated energy company in China, has signed an agreement to establish its regional headquarters in Dubai’s Jebel Ali Free Zone (Jafza) in order to serve its customers in the Middle East.

Jafza, a DP World Company , is the UAE's flagship trade and logistics hub for the Middle East and Africa (MEA) region.

The agreement was signed between Mohammed Al Muallem, CEO of Jafza and senior vice president and managing director of DP World, UAE, and Zhu Junfeng, CEO of CNPC Middle East in the presence of senior officials.

The new headquarters covers 55,000 sq m and include a 10,000-sq m multi-storey office and warehouse facility for storage, maintenance and repair of oil and gas equipment, said a statement from Jafza.

Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World and chairman of Ports, Customs and Free Zone Corporation, said: “CNPC’s headquarters in the UAE reinforces its presence as a key player in the region’s energy sector.”

“Jafza is working in line with the directives of our leadership to provide an attractive business environment for foreign companies and to diversify Dubai’s economy. We will support CNPC in their ambitious growth plans by providing favourable business processes, services and facilities that compare with international standards,” he added.

Jafza has established its position as a regional hub for the oil, gas and petrochemical industry with more than 850 companies from 77 countries in the sector. Its strategic logistical advantage of close proximity to air, sea and land routes is a major factor in its success, backed by the global network of DP World, with 77 marine and inland terminals in 40 countries.

Junfeng said: “This regional headquarters brings together all of our 16 listed companies in Jafza under one roof to help us better serve our customers. It will also support our expansion plans in the UAE and the Middle East following our acquisition of an 8 per cent stake in the Abu Dhabi Company for Onshore Oil Operations (ADCO) for $1.8 billion.”

“We will now be able to provide operational support throughout the Middle East with room to grow our portfolio while increasing demand for our services. CNPC is one of the world’s leading energy companies and has become a trademark of innovation and excellence thanks to our knowledge of regional markets and the growth of our operations,” he added.

Ranked third in the 2016 Fortune Global 500 list, CNPC is a state-owned Chinese company headquartered in the Dongcheng District of Beijing and the parent company of PetroChina, it stated. – TradeArabia News Service