adnoc awards china’s cefc 4 interest in adco onshore concession
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

ADNOC Awards China’s CEFC 4% Interest in ADCO Onshore Concession

Arab Today, arab today

Arab Today, arab today ADNOC Awards China’s CEFC 4% Interest in ADCO Onshore Concession

ADNOC
Abu dhabi - WAM

Abu Dhabi National Oil Company (ADNOC), signed on Monday an agreement with the CEFC China Energy Company Limited (CEFC China), awarding it the final 4% interest in Abu Dhabi’s onshore oil concession. CEFC contributed a sign-up bonus of AED 3.3 billion ($888 million) to enter the concession.

The onshore concession is operated by the Abu Dhabi Company for Onshore Petroleum Operations (ADCO).

The agreement, which has a term of 40 years, backdated to January 1, 2015, was signed by Dr. Sultan Ahmed Al Jaber, Minister of State, ADNOC Group Chief Executive Officer, and member of Abu Dhabi’s Supreme Petroleum Council, and Ye Jianming, Chairman of the Board of Directors of CEFC China.

Dr. Al Jaber said, "We are pleased to be entering into this strategic partnership with CEFC China. This agreement demonstrates the innovative and strategic approach we are bringing to our business partnerships. CEFC will complement the technical strengths of our existing partners and bring a new dynamic with their financial, commercial and investment experience."

"As ADNOC embarks on implementing its 2030 growth strategy and five-year business plan, we intend to continue to work closely with value-add partners, across the oil and gas value chain, that can contribute world-class technology industry experience and market access," he added.

CEFC China is among the 10 largest private companies in China and has a focus on energy and financial services.

CEFC Chairman Ye Jianming said, "We are delighted to expand our relationship with ADNOC and to have secured long-term and stable onshore oil rights and interests that will allow us to engage in the exploration of upstream oil and gas in Abu Dhabi, and further enhance CEFC’s position in leveraging oil reserves and engage in open market trading. This agreement enhances our ability to integrate ADNOC’s onshore oil reserves with our storage facilities in China and Southeast Asia. By building an energy corridor, linking China, the Middle East and Europe, we can connect the Chinese market with the upstream resources of Abu Dhabi and the terminals in Europe."

CEFC China owns a controlling stake in KazMunayGas International N.V. (KMGI), Kazakhstan’s national oil and gas company, and has energy investments in China, Africa, Europe and the Asia-Pacific Region.

It has built large-scale oil storage bases in China and owns trans-shipment terminals and gas stations in France, Spain, Romania and various countries around the Mediterranean and the Black Sea. It also organizes an oil reserve exchange mechanism integrating oil reserves in Europe, the Middle East and China.

CEFC’s shareholding completes the onshore oil concession stake earmarked for foreign oil and gas companies. CEFC joins BP of the UK (10%), Total of France (10%), China National Petroleum Corporation (CNPC) (8%), Inpex Corporation of Japan (5%), and GS Energy of South Korea (3%) as participants in the onshore concession and shareholders of ADCO.

ADNOC retains a majority 60% share in the ADCO concession.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

adnoc awards china’s cefc 4 interest in adco onshore concession adnoc awards china’s cefc 4 interest in adco onshore concession

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

adnoc awards china’s cefc 4 interest in adco onshore concession adnoc awards china’s cefc 4 interest in adco onshore concession

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday