In March 2013, to enhance the substance of its European holding company and strengthen the management of its European subsidiaries, CNODC established CNODC Management B.V.
CNODC Management B.V. is registered in Amsterdam, the Netherlands, and is wholly owned by China National Petroleum Corp. (CNPC in brief). Currently, CNODC Management B.V. manages a total of 24 intermediate investment companies, mainly located in the Netherlands, Germany, and Luxembourg. The key business areas cover overseas investment of Oil & Gas projects in Kazakhstan, Venezuela, Peru, Mozambique, Niger，Benin, Suriname, and Canada.
Along with the rapid growth of CNPC overseas investment, CNODC Management B.V. growing together with the overseas business, its responsibility covering the services relating to shareholder affairs, accounting, financial reporting and auditing, tax filing, and legal affairs etc., to satisfy the substance requirements as a “tax residency” in EU and the Netherlands.
The Netherlands is at the forefront of international tax cooperation and investment regulatory compliance, with increasing regulatory scrutiny over the past years, posing new challenges to compliant requirements within the Netherlands and the EU. Over the past decade, CNPC has systematically established nearly 30 companies in Europe, particularly in the Netherlands, which have played a significant role in supporting CNPC’s overseas investment strategy. These companies are crucial components of CNPC’s global investment operations. CNODC Management B.V. aims to continuously contribute to the growth of CNODC’s international business by leveraging the investment platforms in the EU and the Netherlands.