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China receives concession for oil extraction in UAE

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China receives concession for oil extraction in UAE

ADNOC, a national oil company headquartered in Abu Dhabi, the capital of the United Arab Emirates, signed a concession agreement with Chinese National Petroleum Corporation (CNPC) with an 8% stake acquired by the Chinese party in oil production in the city.


The agreement was signed by Executive Director of the Arab state corporation, Ahmed Al Jaber and Chairman of the Board of CNPC Corporation, Van Ilin. In order to get a stake in the concession, the Chinese party made a payment in amount of $1,77 billion.

Commenting the agreement, Al Jaber said: “We see ample opportunities in cooperation and optimization of our energy resources and receiving maximal economic benefits.”

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