Commercial ties between Adnoc and CNPC deepened further during Chinese President Xi Jinping’s 20 July visit to the emirate. CNPC now looks clear front runner to secure at least one block during Abu Dhabi’s debut licensing round, while Adnoc is zeroing in on a stake in China’s downstream sector.

Adnoc CEO Sultan al-Jaber and CNPC Chairman Wang Yilin signed a Strategic Cooperation Framework Agreement on 20 July which “builds on the existing partnership” between the two firms. Adnoc says it covers “multiple industry sectors, including exploration and production; technology support and transfer, research and development; drilling and oilfield services; refining; petrochemicals and crude oil supply and storage.” (CONTINUED - 839 WORDS)