Business Insurance

ADNOC, CNOOC sign exploration, oil refining and LNG trade MoU

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Abu Dhabi National Oil Company (ADNOC) has expanded its strategic partnership and co-investment model, creating new investment opportunities across all areas of its value chain over the last two years.

Tuesday 23, July 2019 BY KUDAKWASHE MUZORIWA

ADNOC has signed an MoU with China National Offshore Oil Corporation (CNOOC) to explore new opportunities for collaboration in both the upstream and downstream sectors, oil refinery and Liquefied Natural Gas (LNG) trade, reported WAM.

Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said that the framework agreement offers exciting new growth opportunities as well as mutually beneficial investment initiatives between ADNOC and CNOOC.

ADNOC and CNOOC have also agreed to share knowhow and latest technologies in the area of ultra-sour gas development.

The two companies also agreed to consider enlisting Offshore Oil Engineering Company (COOEC) as well as China Oilfield Services as contractors for design, purchase and construction as well as oilfield service providers for ADNOC.

The duo will cooperate in LNG exploration, marketing and purchase opportunities as well as evaluate potential partnerships and joint-investment opportunities across the entire LNG value chain.

ADNOC has agreed to look into opportunities for investing in CNOOC’s existing refineries assets in the downstream oil refining and petrochemicals sector.



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