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    Chinese, UAE Oil Firms Sign $1.77Bln Deal to Develop Onshore Concession

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    Abu Dhabi National Oil Company (ADNOC) signed a deal with the China National Petroleum Corporation (CNPC) on Sunday to award it an 8-percent interest in an onshore oilfield concession.

    MOSCOW (Sputnik) — The 40-year arrangement will give the Chinese state company access to the ADNOC-operated oil concession in exchange for a $1.77-billion contribution, the Abu Dhabi-based firm said in a statement.

    "Our agreement with CNPC strengthens and deepens the strategic and economic relationship between the United Arab Emirates and China," ADNOC chief executive Sultan Ahmed Jaber said.

    CNPC Chairman Wang Yilin said landmark agreement gave the company hope of more opportunities to participate in the UAE’s energy sector.

    "CNPC will play an active role in defining and developing technology applications in mature oil fields by planning to establish a tailor-made technology hub in ADCO," Wang promised.

    China is the world’s second largest energy consumer. Its trade with the United Arab Emirates rose to $60 billion last year, up from $54.8 billion in 2015.

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    Tags:
    bargain, oil, deal, China National Petroleum Corporation (CNPC), Abu Dhabi, UAE, China
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