China's CNPC Buys Stake in $22-billion Abu Dhabi Oil Venture
Author: Windbell tank gaugeTime: 2017-02-21
China National Petroleum Corp. bought a stake in Abu Dhabi's largest oil concession as the Middle Eastern emirate with 6% of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity.
Abu Dhabi National Oil Co. awarded CNPC an 8% stake in the onshore venture in return for a $1.8 billion signing bonus, Adnoc said Sunday in a statement. State-run CNPC is the venture's third Asian partner, joining Japanese and South Korean companies alongside BP Plc and Total SA. BP signed on to the project in December, and Total in January 2015.