UAE denies Qatar trade link over Abu Dhabi oil field deal

UAE's Supreme Petroleum Council says no commercial or trading relationship with Qatar by extending concession
UAE denies Qatar trade link over Abu Dhabi oil field deal
By Staff writer
Tue 13 Mar 2018 02:21 PM

The UAE's Supreme Petroleum Council denied on Tuesday that a concession has been awarded to Qatar Petroleum relating to an oilfield in Abu Dhabi as a diplomatic dispute between the countries continues.

Reports said Qatar Petroleum had signed a deal with Abu Dhabi to operate the shared Al-Bunduq offshore oil field.

But state news agency WAM quoted an official source at the Supreme Petroleum Council as saying that no concession was awarded to Qatar Petroleum.

In a statement, the source said: "The Bunduq field, due to its geographical location, is shared between the emirate of Abu Dhabi and Qatar. It has been operated via a concession with a Japanese consortium for over four decades.

"This concession was recently extended by each respective government to the Japanese consortium with no direct communication or engagement between the two states."

The source added: "There is no commercial or trading relationship being established between the UAE and Qatar by the extension of this concession."

Earlier, Qatar Petroleum's president and CEO, Saad Sherida Al-Kaabi said: "We are delighted to sign this concession agreement, which will ensure the continued development and operation of the Al-Bunduq oil field for many years to come."

In June last year, the United Arab Emirates, Saudi Arabia, Egypt and Bahrain, cut diplomatic and economic ties with Qatar accusing it of aiding militant groups.

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Last Updated: Tue 13 Mar 2018 02:23 PM GST

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