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.

 

Kurds ready for contentious vote in Iraq

The high cost of Syria’s destruction

Iran defies US, tests missile

Yemen's Hadi says military solution 'most likely'

The Sahara Forest Project, Jordan’s innovative water scheme

Palestinian negotiator awaits lung transplant in US

A Kurdish state: Reality or utopia?

Saudi intercepts missile fired from Yemen

Saudi Arabia marks national day with fireworks, concerts

Turkey warns of 'security' steps in response to Iraqi Kurd vote

Barzani delays Kurdish independence vote announcement

Syria's war off the radar at UN assembly

For many Iraqis, tradition trumps police

Darfur clashes kill 3 as Bashir urges reconciliation

Saudi cleric banned for saying women have ‘quarter’ brain

Veteran Syrian activist, daughter assassinated in Istanbul

Tunisia drops forced anal exams for homosexuality

Bomb used in Saudi-led strike on Yemen children US-made

Syria Kurds vote to cement federal push

Police charge teenager over London Underground attack

Nigerian official to meet Turkish counterpart over illegal guns

Thousands feared trapped in Raqa as IS mounts last stand

Iraqi forces achieve first step in new offensive on IS

Migrant boat sinks off Turkish Black Sea coast leaving four dead, 20 missing

Trump praises 'friend' Erdogan

Yemen leader promises UN to open entire country to aid

Rouhani vows Iran will boost missiles despite US criticism

Russia clashes with EU over Syria

UN Security Council warns against holding Iraqi Kurd vote

UN sets up probe of IS war crimes in Iraq

US, Iranian top diplomats confront each other for first time

Air strikes kill 22 civilians in northwest Syria in 48 hours

Iranian supreme leader lashes out at Trump UN speech

Thousands of Huthi supporters mark 3 years since Sanaa takeover

Iraq attacks all remaining IS territory at once

Moscow accuses US of hitting Syrian regime forces

Turkey jails lawyers representing hunger striking teachers

Turkey, Iran and Iraq make joint threat against Kurd vote

Syrian Kurds to hold first local elections in federal push

Qatari expats lauded as statesmen by Arab critics

Shipwreck off Libyan coast leaves over 100 migrants missing

Will Turkey’s opposition to Kurdish state translate into action?

US ups the ante on Iraq Kurds

Macron: Iran nuclear deal no longer enough

Trump’s mind made up on Iran but refuses to divulge