Media ININ Economy We Trust
Media In – Abu Dhabi, March 21, 2018
Abu Dhabi National Oil Company (ADNOC) today signed two concession agreements with China National Petroleum Corporation (CNPC), the world’s third largest oil company, under which the latter acquired 10% of the Umm Al Shaif and Nasr concession and 10% Abu Dhabi Marine.
The China National Petroleum Corporation (CNPC), through its subsidiary PetroChina, has provided AED 2.1 billion (US $ 575 million), a shareholding in the Umm Al Shaif and Nasr and AED 2.2 billion (US $ 600 million) Which will be managed by ADNOC Marine, a member of the ADNOC Group, on behalf of all partners.
The two agreements were signed by Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies, and HE Wang Yilin, Chairman of the National Petroleum Corporation of China.
“The UAE has close strategic relations with the People’s Republic of China, including various political, economic, cultural and other fields,” said Dr. Sultan Ahmed Al Jaber. “These agreements are the foundation of the strategic partnership with China, the second largest economy in the world. China is the world’s largest importer of oil and one of the most important markets for petroleum and petrochemical products. The opportunities for cooperation between ADNOC and a number of Chinese companies for investment and partnership are discussed in different sectors of the sector. , Including refining and petrochemicals. The agreements signed today with China National Petroleum Corporation (CNPC) are an important step towards promoting and developing a successful partnership with the energy sector of the People’s Republic of China. ”
“CNPC’s participation in maritime concessions will contribute to strengthening cooperation between ADNOC and China. These two agreements underscore the confidence of international markets in the ADNOC 2030 strategy for smart growth as we pursue our goals of increasing economic returns
