ADNOC Aims to Deepen Investment and Partnership Opportunities with Chinese Energy Majors
Beijing,: His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Abu Dhabi National Oil Company (ADNOC) Group CEO, held a series of meetings with Chinese oil, gas, refining and petrochemical industry leaders, focused on expanding and deepening investment and partnership opportunities across ADNOC’s integrated Upstream and Downstream value chain, during a visit to Beijing.
H.E. Dr. Al Jaber was in the Chinese capital as part of the effort to expand and deepen business and economic relations with one of the UAE’s largest trading partners.
“Energy cooperation is an important aspect of the UAE’s relations with China, which is the number one oil importer globally and a major growth market for ADNOC’s crude, refined products
At the meetings, H.E. Dr. Al Jaber discussed ADNOC’s plans to develop new Upstream oil and gas resources and to expand ADNOC’s Downstream operations, which will see
As announced earlier this year during ADNOC’s Downstream Investment Forum, the company is making significant investments in new Downstream projects, both domestically and internationally, to grow its refining capability and expand its petrochemical production three-fold to 14.4
H.E. Dr. Al Jaber added, “We are keen to partner with value-add strategic partners who can contribute technology, know-how
The agenda also touched on ADNOC’s new licensing strategy announced earlier this year, which will see six offshore and onshore exploration, development and production blocks made available for competitive bidding.
“The release of the six blocks for competitive bidding represents a rare and exciting opportunity to invest in the UAE’s stable and secure exploration and production sector, as we accelerate delivery of a more profitable Upstream business and generate strong returns for the UAE. At the same time, the expansion of our Downstream portfolio will allow partners who contribute
Over the past 14 years, the UAE and China have established a number of partnerships in the UAE’s energy sector, starting in 2014, when ADNOC and CNPC established the Al Yasat joint venture. More recently, in February 2017, CNPC and China CEFC Energy were awarded minority stakes in the UAE's onshore oil reserves; and in March of this year, CNPC, through its majority-owned listed subsidiary PetroChina, was granted a 10% interest in each of the Umm Shaif and Nasr and Lower Zakum offshore concession areas.
Meanwhile, ADNOC remains focused on market expansion in China and Asia, where demand for petrochemicals and plastics, including light-weight automotive components, essential utility piping
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