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Sunday, 26 February 2017

Abu Dhabi oil agreements with China continue shift towards new partners | The National

Abu Dhabi oil agreements with China continue shift towards new partners | The National:

"The new Abu Dhabi oil industry is taking shape. Last week’s signature by two Chinese companies for stakes in the emirate’s largest producing asset creates a bond that will last for 40 years. Now Abu Dhabi’s energy leaders have to navigate new relationships and show that their novel arrangements will keep up with the region’s measured but titanic energy changes. On February 19, the China National Petroleum Corporation (CNPC) signed for 8 per cent of the onshore Adco concession; the next day its compatriot China Energy (CEFC) took up 4 per cent. With BP and Total holding 10 per cent each, Japan’s Inpex 5 per cent and South Korea’s GS Energy 3 per cent, this completes the planned 40 per cent foreign stake, Adnoc holding the remainder. This represents a significant, although not complete, shift away from the emirate’s traditional western international oil company stakeholders. Japan and South Korea are long-term familiar partners; China much newer; and the other big customer for the emirate’s oil, India, is conspicuous by its absence."



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