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.
