Technip of France and China Huanqiu Contracting & Engineering (HQC) have agreed to link up to provide procurement services for the European and Chinese offshore and onshore oil and gas markets.
The companies have signed an agreement creating two joint ventures, to be headquartered in Rome and Beijing. Technip said its operating center in Rome had signed the agreement with HQC to set up the two JVs, with the new entities to perform procurement activities for worldwide onshore and offshore projects.
The Rome-based JV will have Technip as majority owner with a 51% stake, with HQC holding the remainder, with the reverse applying for the Beijing-based JV, with HQC the majority owner with a 51% stake.
Both companies have worked together on other projects for more than two decades.
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