A four percent stake in Abu Dhabi National Oil Company's (ADNOC) onshore concession, previously held by CEFC China Energy Company Limited (CEFC China), was acquired by North Petroleum International Company Ltd, a subsidiary of China ZhenHua Oil Co. Ltd.
ADNOC said ownership change, which was approved by Abu Dhabi’s Supreme Petroleum Council, is in line with the UAE leadership’s directives to grant access to Abu Dhabi’s oil and gas concessions to partners who offer technology, operational experience, capital or market access.
ADNOC retains a majority 60 percent share in the ADNOC Onshore operated concession.
"With China ZhenHua Oil, we will pursue mutually beneficial cooperation, share business growth opportunities and work together as we deliver on our 2030 smart growth strategy,” said Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.
China ZhenHua Oil operates 11 oil and gas upstream projects in six countries, with gross production of close to 10 million metric tons per year. It is also in the fuel storage, transportation and refining business, with a trading desk in Singapore.
China ZhenHua Oil joins BP of the UK (10%), Total of France (10%), China National Petroleum Corporation (CNPC) (8%), Inpex Corporation of Japan (5%), and GS Energy of South Korea (3%) as participants in the onshore concession and shareholders of ADNOC Onshore.
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