Abu Dhabi – Mubasher: China National Petroleum Corporation (CNPC) is planning to sign a preliminary agreement with Abu Dhabi National Oil Company (ADNOC) to invest in oil and gas exploration and refinery projects in the UAE.
The deal will be inked during a China-UAE summit in July, informed sources told Reuters.
“It will be a preliminary and broad cooperation deal that covers upstream and downstream investment,” Reuters reported, citing a source as saying.
CNPC operates refineries in Japan, Singapore, Sudan, Scotland and France, and is in talks with Brazil to form a new partnership.
“We see a trend of some Gulf countries such as Abu Dhabi, Qatar, and Saudi Arabia moving to diversify away from their oil and gas-reliant economy, by divesting some of those assets to free up capital for other sectors,” a CNPC official said.
CNPC did not comment on the matter.
