Baghdad (IraqiNews.com) – More than a year after it won the development of the East Baghdad Field and the Middle Euphrates oil and gas field, China’s Zhongman Petroleum and Natural Gas Group (ZPEC) launched its first regional subsidiary in the southern Iraqi province of Basra.
ZPEC plans to develop an oil equipment and pipe facility to market its products in Iraq, OPEC’s second-largest oil producer.
The Chinese company has developed an investment strategy in Iraq that includes oil engineering, drilling equipment, and maintenance services, according to Iraq’s official newspaper, al-Sabah.
Basra governing council member Hassan Shaddad told al-Sabah the Chinese company has submitted the investment proposal.
The establishment of the subsidiary in Iraq represents an important step that will help empower local staff and reestablish oil infrastructure in line with international standards.
ZPEC, headquartered in Shanghai Lingang Industrial Park, is a globally recognized drilling engineering contractor and producer of petroleum drilling equipment.
