ADNOC to develop foreign partnerships

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Abu Dhabi National Oil Company (ADNOC) has signalled its intention to maintain close ties with foreign energy companies as it advises the Supreme Petroleum Council on whether and on what terms to renew its oil concessions.

Concession agreements signed in the 1930s covering some of Abu Dhabi’s biggest onshore and offshore oilfields are due to expire between 2014 and 2018.

“We will continue to work closely with international partners,” Ali al Yabhouni, the general manager of ADNOC’s two shipping subsidiaries, Abu Dhabi National Tanker Company and National Gas Shipping Company, said in the capital yesterday at the World National Oil Companies Congress.