Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
Mohamed bin Zayed and Xi Jinping Witness Signing of ADNOC and CNOOC Strategic Framework Agreement
 
  • ADNOC and CNOOC to explore multiple new opportunities for collaboration across the upstream and downstream sectors in the UAE and China
  • Agreement further demonstrates ADNOC’s ambition to expand downstream portfolio and international market access as part of its 2030 growth strategy
  • Agreement deepens the strong bilateral and economic relationships between the UAE and the world’s second largest economy, China

Abu Dhabi, UAE – July 22, 2019: The Abu Dhabi National Oil Company (ADNOC) signed, today, a Strategic Framework Agreement with China National Offshore Oil Corporation (CNOOC) to explore new opportunities for collaboration in both the upstream and downstream sectors as well as in LNG.

The exchange of the signed agreement was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Xi Jinping, President of the People’s Republic of China. 

The agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Yang Hua, Chairman of CNOOC.

ADNOC and CNOOC have also agreed to share knowledge, best practices and latest proven technologies in the area of ultra-sour gas development with the aim of improving operational efficiency in sour gas processing and treatment; delivering efficiency, performance and reliability for sour gas drilling operations; and improving field and reservoir development plans.

The parties will furthermore consider including Offshore Oil Engineering Co., Ltd. (COOEC) as a qualified contractor for EPC opportunities, and China Oilfield Services Ltd. (COSL) as a qualified supplier of oilfield services and explore potential opportunities to collaborate with both companies in existing and future offshore oil and gas field assets in Abu Dhabi.

In addition, ADNOC and CNOOC have agreed to jointly explore potential LNG sales and purchase opportunities, sharing specific knowledge and expertise in LNG markets, and evaluate potential partnerships and joint-investment opportunities across the entire LNG value chain. 

In the downstream space, ADNOC and CNOOC have agreed to analyze the potential of certain mutually beneficial business opportunities, including the potential collaboration in new integrated refining and petrochemical assets in China; cooperation in CNOOC’s existing refining assets; as well as a broader partnership and joint-investment across the refining and petrochemical value chain. 

H.E. Dr. Al Jaber said: “This far-reaching framework agreement underpins the close economic ties between the UAE and China, and offers exciting new growth opportunities as well as mutually beneficial investment initiatives between ADNOC and CNOOC, while enabling wider potential for strategic collaboration in both the upstream and downstream.

“The future collaboration opportunities agreed today with CNOOC reinforce ADNOC’s strategic approach to partners that offer technology, capital or market access to maximize value from Abu Dhabi’s vast oil and gas resources. In addition, the collaboration opportunities underpin our 2030 smart growth strategy as well as our focus on key economies and Asian growth markets such as China.”

Yang Hua said: “The agreement will further deepen China’s energy cooperation with countries along the Belt and Road route, building a closer community of shared future in the energy sector. Both CNOOC and ADNOC will embrace broadened opportunities for future cooperation and enjoy the fruit of this mutually-beneficial partnership.

The agreement is of great significance for CNOOC to promote the development of its overseas oil and gas business, to diversify import resource and to optimize the integrated industrial chain of upstream, mid and downstream. CNOOC will continue to implement the Belt and Road Initiative, strengthen energy cooperation and contribute more value to the China-Arab friendship as well as regional development.”

Over the last two years, ADNOC has significantly expanded its strategic partnership and co-investment model and created new investment opportunities across all areas of its value chain, while at the same time, more proactively managing its portfolio of assets and capital. 

ADNOC’s planned oil production capacity increase to 5 million barrels per day by 2030, its drive towards gas self-sufficiency and becoming a potential gas net exporter, as well as its substantial downstream expansion plans, offer new opportunities for international partnerships. 

As part of its downstream ambitions, ADNOC will create a greater flexibility, resilience and product diversity, as it optimizes its performance and stretches the dollar from every barrel of oil it produces. In addition, the company’s downstream strategy will also act as another catalyst for Abu Dhabi’s economic growth and diversification plans, attracting new foreign and domestic investment, creating numerous specialized employment and career opportunities, and significantly boosting ADNOC’s in-country value creation initiatives.

China is the world’s second largest economy and largest oil importer, with the UAE representing one of the key suppliers. While China grows its domestic refining capacity and fills its strategic inventories, the country continues to secure global crude supplies. 

ADNOC continues to focus on its downstream expansion in China and Asia, where demand for petrochemicals and plastics, including light-weight automotive components, essential utility piping and cable insulation, is forecast to double by 2040.


Posted by : Dubai PR Network Editorial Team
Viewed 6564 times
PR Category : Banking & Investments
Posted on : Monday, July 22, 2019  3:14:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Ajman Free Zone Visits Indonesian Consulate to Explore Inves...
Next Story : UAE climbs three spots in KPMG's Growth Promise Indicators r...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track [4736-Views]
Let's Brigthen Up! The Face Shop's Ultimate Summer Skincare Range From Belif is Here! [3813-Views]
NUDESTIX Launches - Nudies Blush, Bronze, and Glow Shade Extension [3624-Views]
Saxo Bank Launches Loyalty Program for MENA Region Clients [3620-Views]
WTTC Launches Safe Travels Protocols for Attractions, Car Hire and Short-Term Rental [3423-Views]
Dabur Launches Pure Organic Coconut Oil: Natural Protection for Hair, Skin, and Overall He... [3259-Views]
Crude Oil Headwinds on Virus and Technicals [2940-Views]
Registration Opens for Training On the Camel Trek and Camel Marathon for Expats [2841-Views]
Essence Spring/Summer 2020 Collection [2562-Views]
Pan Emirates Unveils Exclusive New Collection [2435-Views]
Dubai Sports Council Discuss Upcoming Sports Events With Federations and Organisers [2411-Views]
Big Bang Integral King Gold [2386-Views]
Customers can Benefit from Increasing Gold Rate by just Paying 10% Advance at Malabar Gold... [2325-Views]
IATA Proposes Alternatives to Quarantine' [2218-Views]
IATA Proposes Alternatives to Quarantine [2206-Views]
Preparing for a New Post-pandemic Economic Era in Mena [2161-Views]
Siemens Energy signs Al Hamudhia 400kV Substation contract with Iraqi Ministry of Electric... [2157-Views]
The 11th Edition of the Arab Fashion Week to Launch Virtually Today, from June 24th to 26t... [2140-Views]
New Bentayga to Launch Beyond100 [2050-Views]
Transfast Partners with Habib Bank Limited (HBL) for Global Remittances [2021-Views]
Frontline Warriors and Volunteers from two Al Warsan isolation facilities honoured for hel... [1976-Views]
Cairo Amman Bank Adopts the Latest Technology to Enhance Performance and Security for its ... [1939-Views]
Panasonic Jaguar Racing Management Team Discuss Formula E's Return to Racing in Berlin [1931-Views]
Formula 1 Launches #WeRaceAsOne [1915-Views]
Media Rotana Hotel Reopens Its Doors With Attractive Offers in a Safe Environment [1898-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories