China and the UAE signed an oil deal worth $1.77 billion

Almaty. February 20. Silkroadnews – The China National Petroleum Corporation (CNPC) and the Abu Dhabi National Oil Company (ADNOC) have entered into oil concession agreement worth $1.77 billion, Chinese media reported.

“This deal will lead to further opportunities for China’s participation in the energy market of the United Arab Emirates”, CNPC chairman Wang Yilin saying is quoted.

He has also noted, that according to the agreement, the Chinese company acquires 8% stake of ADNOC to operate the 40-years concession.

CNPC is China’s largest company operating in mining and oil and gas supplies. It accounts for more than a half of the oil and around 71% of natural gas produced by China. The corporation operates throughout 37 countries, including Russia.