The Partex Oil and Gas Group has been instrumental in the development of the oil and gas industry in the Middle East. Its founder, Calouste Gulbenkian, was a pioneer of the exploration and development activities in the Region, with the creation of Iraq Petroleum Company. In 1938, he founded Partex (Participations and Explorations Corporation) to manage his interests in the business. In 1939, Partex signed a 75 year concession agreement with the Abu Dhabi authorities.
In line with strategic decisions and business requirements, new Group companies were created over the years. They are all held 100% by Partex Oil and Gas (Holdings) Corporation, a holding company with a single shareholder, the Calouste Gulbenkian Foundation. Hence, Partex has a unique feature in the Industry: the profits revert to a Foundation.
The Group has participations in oil and gas upstream activities worldwide. It is structured in sub-holding companies, concession companies and management and service companies that provide support to the joint ventures and operating companies.