First Published: 2017-02-19

China oil giant signs $1.77 billion Abu Dhabi deal
China National Petroleum Corporation signs deal with Abu Dhabi National Oil Company for 8% stake in onshore oil concession.
Middle East Online

ABU DHABI - The China National Petroleum Corporation on Sunday secured an eight-percent share in an onshore oil concession in Abu Dhabi in a deal worth $1.77 billion, the Emirati company said.

The Chinese giant signed a deal with the Abu Dhabi National Oil Company for a stake in the Abu Dhabi Company for Onshore Petroleum Operations which operates the 40-year concession, ADNOC said in a statement.

"This will be a mutually beneficial partnership that will enable us to maintain strong production levels," ADNOC chief executive Sultan Ahmed Al Jaber said.

CNPC chairman Wang Yilin said he hoped the deal would "lead to further opportunities to participate in the UAE's energy sector".

CNPC is China's largest oil and gas producer and supplier, responsible for more than half of China's crude oil output and 71 percent of its natural gas production, the statement said.

CNPC also has oil and gas projects in 37 countries in Africa, Central Asia and Russia, the Americas, the Middle East and Asia-Pacific, it said.

The United Arab Emirates is China's second-largest trading partner in the Middle East, with commerce worth $60 billion in 2016.

British oil giant BP last year secured a 10 percent share in the same oil concession, while France's Total won a further 10 percent out of the total 40 percent earmarked for foreign companies.

Inpex Corp. of Japan secured five percent and South Korea's GS Energy three percent.

ADNOC is still looking for a partner for the remainder of the concession, the statement said.

The Emirati company produces 3.1 million barrels per day, it said.

 

Saudi, allies unveil Qatar 'terrorist' blacklist

Israel dismantles metal detectors from holy site

Trump says Syrian rebel aid program was 'dangerous and wasteful'

Iran gets more involved in Iraq militarily

600,000 Yemenis expected to contract cholera in 2017

14 Saudis face ‘imminent’ unfair execution says Amnesty

Rival Libyan leaders hold talks in France

Amnesty International urges EU to 'reset' Turkey relations

Erdogan urges Muslims to ‘protect’ Jerusalem

US sanctions protecting Iranian tech sector

Where Afghanistan is heading and what it means for the Arab Gulf

Air strike kills civilians in Syria despite truce

278 Europe-bound migrants rescued off Libya

Beirut, the upcoming start-up hub in MENA region

Cardinal hails 'rebirth' of Iraqi Christian town

Top UN delegation visits crisis-hit Yemen

Trump aide due in Israel to ease holy site tensions

Libya’s coastguard rescues 150 Europe-bound migrants

EU warns Turkey economy at risk in Germany row

Saudi crown prince takes temporary charge

Israel strikes Gaza after missile across border

Hezbollah says fight on Syria border ‘nearing end’

Staff of Turkey opposition paper stand trial

Tehran’s judiciary chief accuses US of jailing innocent Iranians

Palestinian arrested after attack in Tel Aviv

Maghreb future is tied to resolving Western Sahara conflict

MENA countries particularly vulnerable to climate change

UN-backed Libya PM to meet eastern strongman near Paris

Saudi Arabia and allies insist demands non-negotiable as GCC crisis continues

Netanyahu faces mounting pressure over holy site

Two Jordanians killed at Israeli embassy in Amman

Erdogan holds talks with Gulf leaders on Qatar crisis

Arab League accuses Israel of 'playing with fire' at holy site

Erdogan seeks to defuse standoff around Turkey’s Qatar

Syria warplanes strike near Damascus despite ceasefire

US warns Iran over imprisoned Americans

Kuwait protests to Lebanon over Hezbollah training

30 extremists in Sinai operations

Three Palestinians shot dead in Jerusalem

Nearly 360 injured in Turkey by magnitude 6.7 quake

UN says Saudi to blame for deadly Yemen strike on civilians

Police fire tear gas to disperse Morocco protest

Germany reviews arms sales to Turkey

Hezbollah launches Syria border operation

China calls for Gulf crisis talks