COOEC to set up joint venture with Fluor

COOEC to set up joint venture with Fluor

China Offshore Oil Engineering Co (COOEC), the engineering arm of state-run energy giant CNOOC, has announced that it plans to establish a joint venture with leading global EPC company Fluor.

COOEC and Fluor will invest $509.8m and $489.8m to get 51% and 49% equity shares in the joint venture respectively.

The joint venture will be dedicated to developing EPC service through COOEC’s facility in Zhuhai.

COOEC said the joint venture will allow the company to accelerate its development in international offshore projects and enhance the capacity of its Zhuhai facility.

In the meantime, COOEC said it plans to order an offshore engineering vessel with an investment of RMB383.3m ($60m)

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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