CNPC joins Adco concession partners

Abu Dhabi

ABU DHABI, February 20, 2017 – China National Petroleum Corporation (CNPC) on Sunday closed a deal with Abu Dhabi National Oil Company (ADNOC) for a stake in the emirate’s onshore concession.

The agreement, valued at USD 1.77 billion, sees CNPC land an 8% stake in the concession, operated by Abu Dhabi Company for Onshore Petroleum Operations (Adco). The Chinese major joins Total, BP, Inpex and GS Energy in the development of the area.

“Our agreement with CNPC strengthens and deepens the strategic and economic relationship between the United Arab Emirates and China,” ADNOC Group Chief Executive Officer Sultan Ahmed Al Jaber said in a statement.

“With our common vision for value add partnerships, we see tremendous opportunity in working together to optimise our energy resources, by achieving maximum economic value, in support of ADNOC’s long-term growth objectives,” he added.

CNPC Chairman Wang Yilin said the company was “honoured” to join the Adco concession partners. “We hope it will lead to further opportunities to participate in the UAE’s energy sector,” Wang also said.

With the award, there now remains a 4% stake available for potential partners.

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