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Monday, 20 February 2017

China Wins Big With Stakes in $22 Billion Abu Dhabi Oil Deal - Bloomberg

China Wins Big With Stakes in $22 Billion Abu Dhabi Oil Deal - Bloomberg:

"Chinese companies are big winners in the competition among foreign bidders for stakes in Abu Dhabi’s largest oil concession, snatching a combined 12 percent of the venture as the Middle Eastern emirate looks increasingly to Asia, its biggest market, for investment.

Abu Dhabi National Oil Co. awarded a 4 percent stake in the onshore venture -- the last share of the project that was still up for grabs -- to Shanghai-based CEFC China Energy Co., Adnoc said Monday in an e-mailed statement. CEFC is paying an $888 million signing bonus, Adnoc said. The announcement came one day after China National Petroleum Corp. agreed to buy 8 percent of the same concession for $1.8 billion."



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