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30-04-14

CNPC signs oil field deal with Abu Dhabi

(MENFN) China National Petroleum Corporation (CNPC) received rights to produce and export oil from Abu Dhabi, a move that would help China secure fuel supplies to cope with its rapid economic growth, Arabian Business reported. The Chinese state-owned firm has been expanding across the globe in order to secure oil and gas supplies needed to sustain its economic growth. The Chinese firm will help provide onshore and offshore fields in the emirate and take a share of any oil produced. A senior source at CNPC said: "It's a typical concession, meaning you pay the royalty and then you get the JV (joint venture) share of production."