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.

 

Erdogan resumes Gulen arrests after referendum win

France says has proof that Syrian regime behind 'chemical attack'

Trump says Assad's future 'not a deal breaker' on Syria

Iraq holding hundreds of millions of Qatar’s ransom money

Global leaders call for ridding world 'forever' of chemical arms

Exiled Turkish journalist urges EU to confront Erdogan

Morocco seizes 420 tonnes of plastic bags in year since ban

Mass funeral for dozens slain in Syria bus attack

Qatar insists Baghdad had ‘full knowledge’ of hostage deal

UN eyes new Yemen peace talks

Turkey opposition heads to European court to challenge referendum

Turkey says informed US, Russia prior to Kurdish strikes

Iraqi forces liberate ancient city of Hatra from IS

Saudi fire stops explosives-laden boat from Yemen

50 Syria migrants stranded on Morocco-Algeria border

Libya asks EU for patrol boats to stem migrant wave

Bangladesh approves Saudi-funded mosque project

German Chancellor regrets Israel snub of foreign minister

UAE sentences Iranian to 10 years for sanctions breach

IS using weaponised drones in battle for key Syria dam

Saudi government shake-up strengthens position of king's son

Israel allows NGO director visa after 'bias' row

Kuwait suspect confesses to plotting IS attacks

Russia has thwarted IS attack on far east oil hub Sakhalin

Death toll in Turkish air raids on Syria Kurds rises to 28

Draft resolution to pressure Polisario to withdraw from Guerguerat

Baghdad condemns Turkish airstrikes on Kurdish forces

Iran, major powers to review adherence to nuclear deal

Turkish warplanes pound Kurdish forces in Iraq, Syria

IS executes Iraqi civilians in Mosul

Netanyahu cancels talks with German FM over NGO meetings

Qatar World Cup workers receive random health checks

Libyan government calls for foreign intervention as fighting spreads

Tunisia parliament votes to ease harsh drug law

Nostalgia dominates Iraqi Ba’ath conference in Spain

Young Iraqi innovator building home-made drones

Moroccans call on Le Pen voters to quit country

Turkey court rejects opposition challenge to referendum result

Spain arrests 4 for links to Belgium IS attacks

Iraq forces push towards UNESCO site in Hatra

Israel appoints country's first female sharia judge

Frontline clinic is window to hell of IS-held Mosul

Iraq forces retake west Mosul neighbourhood from IS

Iraqi Kurds lament ‘unacceptable’ Turkish air strikes

Khamenei urges Iran candidates to focus on home