In 1928, the signature of the Red Line Agreement and the confirmation of the shareholding participations of the Turkish Petroleum Company (TPC) marked the consolidation of Calouste Gulbenkian’s firm involvement in the oil industry in the region. TPC then changed its name to Iraq Petroleum Company.
A decade later, in June 1938, Calouste Gulbenkian decided to incorporate his oil business assets in a Company he created in Panama: Participations and Explorations Corporation. The name of the Group – PARTEX – originates from the name of this Company.
With Calouste Gulbenkian’s death in 1955, the Middle East oil industry and as a consequence, the Group’s holdings changed significantly. This particularly affected the concessions held by the Iraq Petroleum Company, which were nationalized in 1973.
As a result of the strategic decisions and business requirements of Partex, new companies have been created over the years. In March 1998, almost 60 years after the creation of the first company, a holding company was incorporated in Cayman Island – Partex Oil and Gas (Holdings) Corporation – owned entirely by the Calouste Gulbenkian Foundation. It became the holder of the Gulbenkian participations in the oil and gas business and the only shareholder of all the Group Companies.
ORGANIZATION AND STRUCTURE
The Partex Oil and Gas Group is organized primarily by geographical areas and holds interests in concessions and joint ventures engaged in upstream activities related to the oil and gas industry namely, exploration, development, production and sales.
The Group is structured in sub-holding companies, management units, concession companies and service companies that provide all the necessay advice and financial, technical, management and human resources support to the joint ventures and operating companies in which the Group participates. Everything is carried out in accordance with the strategy and guidelines defined by the Holding.
Participations and Explorations Corporation, the original company created by Calouste Gulbenkian which holds the participation in ADPC (Abu Dhabi Petroleum Company) and ADCO (Abu Dhabi Company for Onshore Oil Operations) in the United Arab Emirates.
- Partex Gas Corporation, a Panama company, with a participation in Abu Dhabi Gas Industries Ltd (GASCO) in the United Arab Emirates. It has a representative office in Abu Dhabi.
- Partex (Oman) Corporation, a Panama company with participations in POHOL (Private Oil Holdings Oman Ltd.) and PDO (Petroleum Development Oman) as well as in Gas Investments and Services Company (GISCO), Oman LNG LLC and Mukhaizna, all in the Sultanate of Oman.
- Partex (Kazakhstan) Corporation, a Cayman Island company with interests in the Dunga Oil Field, in Kazakhstan.
- Partex Services Corporation, a Panama company. which coordinates the provision of technical services to affiliated companies
- Partex (Brazil) Corporation, a Cayman Island company which owns Partex Brasil Limitada and the Group’s participations in Brazil.
- Partex (Algeria) Corporation, a Cayman Island company which is expected to hold the Group’s interest in Algeria.
- Partex (Angola) Corporation, a Cayman Island company holding the Group’s participation in Block 17/06.
- Partex (Iberia) S.A., a company incorporated in Portugal to hold the Group’s participation in Peniche concessions.
The Boards of Directors have strategic and overall responsibility for the group companies. Executive and day-to-day management is the responsibility of a Management Commission composed by the Executive Directors of the two Management Units of the Group: Partex Services Portugal and Partex Management Oil Services.
- PARTEX SERVICES PORTUGAL - Serviços para a Indústria Petrolífera S.A. is a wholly-owned subsidiary of Partex Services Corporation. The company’s main objective is to render technical and administration services to the Partex Oil and Gas Group of Companies, its participations and partners.
- PARTEX MANAGEMENT OIL SERVICES S.A. (PMOS) is a wholly-owned subsidiary of Partex Oil and Gas (Holdings) Corporation, incorporated in Vaduz, Liechtenstein. It is responsible for the Group’s finance, accounting and commercial activities.
PARTEX BRASIL LIMITADA, a Brazilian company with Head Office in Recife, holds all the Group’s participations in concessions in Brazil.
- ADPC - Abu Dhabi Petroleum Company, Ltd, a British company with office in London holding 40% of ADCO concession in Abu Dhabi, shared by BP, ExxonMobil, Shell, and TOTAL (23.75% each) and by Partex (5%).
- POHOL - Private Oil Holdings Oman, Ltd, a British company with office in Muscat, Oman, holding 40% of PDO and OLNG concessions in Muscat, shared by Shell (85%), TOTAL (10%) and Partex (5%).
- PARTEX BRASIL SERVIÇOS PETROLÍFEROS LIMITADA, also a Brazilian company with Head Office in Recife, was created in 2005 to provide the necessary management, technical, accounting, and administrative support, in addition to the assistance provided by the Management Units for the Group’s operations in Brazil
- PGC (Abu Dhabi Office) is a branch of Partex Gas Corporation created for supporting GASCO activities in Abu Dhabi and representing Partex with local authorities.