China Inks $1.18 Billion Oil Deal With United Arab Emirates
The agreement between the two state-run national petroleum companies involves two oil and natural gas concessions in Abu Dhabi.DUBAI, United Arab Emirates — China’s state-run national petroleum company has signed a deal worth $1.18 billion for stakes in two oil and natural gas concessions in the United Arab Emirates’ capital of Abu Dhabi.
The state-owned Abu Dhabi National Oil Co. signed the 40-year deal with China National Petroleum Corporation for its subsidiary PetroChina to be granted a 10 percent interest in the Umm Shaif and Nasr concession and a 10 percent interest in the Lower Zakum concession.
ADNOC made the announcement on Wednesday.
Umm Shaif and Nasr fields produce 460,000 barrels of oil per day and 500 million standard cubic feet per day of natural gas. Lower Zakum produces some 450,000 barrels of oil per day.
Italian oil giant Eni and French oil giant Total SA also have concessions at both offshore fields.
Your support matters…Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
A coalition of artists and writers has been instrumental in raising awareness of the mind-boggling exploitation of laborers who support some of the richest people on the planet.
Erik Prince, founder of Blackwater (now Xe Services), the world’s most notorious private military contractor, is discreetly training an 800-man army capable of defending infrastructure, suppressing rebellions and battling regional state enemies for the UAE. (more)
It was going to be known as the Burj Dubai (Dubai Tower), but given Dubai's recent economic woes and given that its UAE neighbor, Abu Dhabi, came to the rescue with $10 billion last month, it's both a fitting tribute and a sign of the times that the world's tallest building is now called the Burj Khalifa in honor of Abu Dhabi's leader.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.