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09 December 2023

UAE-China pact on oil projects

By Reuters

State-owned Abu Dhabi National Oil Company (Adnoc) signed a strategic agreement with China National Petroleum Corporation (CNPC) to collaborate in upstream projects in undeveloped areas, state-news agency WAM reported on Tuesday.

"The Chinese company will conduct technical and economic studies in order to assess those (undeveloped) areas and will forward the studies to Adnoc," the WAM report said, without citing a source.

The areas will be identified by the Supreme Petroleum Council (SPC), the highest authority on energy policy.

The agreement also aims at cooperating in areas of petrochemical development, technical services, engineering and construction services, it added.

Chinese Premier Wen Jiaboa, started his visit to Abu Dhabi on Monday, as part of a six-day visit of the region where he hopes for greater access to its oil and gas reserves, in light of possible oil sanctions against Iran from the West.

Although Beijing opposes further international sanctions on Iran, it has already cut its purchases of Iranian oil by more than half for the first two months of this year, a move seen as forcing the Islamic Republic to offer discounts.