UAE’s ADNOC and China’s CNPC signed a wide-ranging strategic co-operation agreement that extends and deepens the energy partnership between the two countries.
The framework agreement outlines opportunities for possible future collaboration across ADNOC’s upstream and downstream value chains and support for China’s growing energy needs, the Abu Dhabi energy giant said in a statement.
Under the new agreement, ADNOC and CNPC will explore potential Chinese investment in a number of the planned downstream projects, including an aromatics plant, a mixed feed cracker and a new refinery. The two companies will also discuss partnership opportunities in one, or more, of CNPC’s downstream assets in China as part of ADNOC’s international growth strategy.
Upstream, ADNOC and CNPC will look at potential exploration and development prospects across Abu Dhabi, including the six geographical oil and gas blocks made available for competitive bidding earlier this year, as well as the possibility of establishing a technology hub linked to the Al Yasat concession, in which CNPC has a 40 percent stake. The hub would facilitate the transfer of knowledge and technology related to the Al Yasat concession.