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China’s oil Juggernaut CNPC Snaps up 8 percent Stake in Abu Dhabi’s Oil Venture

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China’s state owned oil and petroleum giant The China National Petroleum Corporation (CNPC) has snapped an 8 percent stake in Abu Dhabi’s largest oil concession in a deal that is worth estimated to be $1.77 billion.
China’s state owned oil and petroleum giant The China National Petroleum Corporation (CNPC) on Sunday snapped an 8 percent stake in Abu Dhabi’s largest oil concession in a deal that is worth estimated to be $1.77 billion, the emirates company said.  
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CNPC is the third Asian oil company to get a stake in the Abu Dhabi National Oil Co (ADNOC) alongside Japanese and South Korean oil companies, while two other major European oil companies also own a stake in the oil concession.  
“This will be a mutually beneficial partnership that will enable us to maintain strong production levels,” ADNOC chief executive, Sultan Ahmed Al Jaber, said on the deal.  
CNPC chairman Wang Yilin said that he is hopeful that this multibillion dollar deal would “lead to further opportunities to participate in the UAE’s energy sector.

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