DUBAI — The China National Petroleum Corporation (CNPC) signed an agreement with Jebel Ali Free Zone (Jafza) to establish CNPC's regional headquarters in Jafza, an e-mailed statement said Tuesday.

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

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."

He added "We will support CNPC in their ambitious growth plans by providing favourable business processes, services and facilities that compare with international standards."

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.

Zhu Junfeng, CEO of CNPC Middle East, said "This regional headquarters brings together all of our 16 listed companies in Jafza under one roof to help us better serve our customers."

Zhu added "It will also support our expansion plans in the UAE and the Middle East following our acquisition of an eight percent stake in the Abu Dhabi Company for Onshore Oil Operations (ADCO) for $1.8 billion."

Ranked third in the 2016 Fortune Global 500 list, the CNPC is a State-owned Chinese company headquartered in Beijing and the parent company of PetroChina.