adnoc signs 177bn deal with china’s oil giant
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 signs $1.77bn deal with China’s oil giant

Arab Today, arab today

Arab Today, arab today ADNOC signs $1.77bn deal with China’s oil giant

(UAE) is China’s second-largest trading partner in the Middle East
Abu Dhabi - Arab Today

The China National Petroleum Corporation (CNPC) on Sunday secured an 8 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 (ADNOC) for a stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), 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 United Arab Emirates’ (UAE) 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 UAE 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 (bpd), it said.

Source: Arab News

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 signs 177bn deal with china’s oil giant adnoc signs 177bn deal with china’s oil giant

 



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 signs 177bn deal with china’s oil giant adnoc signs 177bn deal with china’s oil giant

 



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