Search form

Last updated: 15 min 10 sec ago

You are here

Business & Economy

Abu Dhabi’s ADNOC in talks with potential Asian partners

Sultan Al Jaber, the group chief executive of Abu Dhabi National Oil Company, met with potential and existing partners in China and Japan. (AFP)

DUBAI: Sultan Al-Jaber, the group chief executive of Abu Dhabi National Oil Company (ADNOC), has met with potential and existing partners in Asia as the company looks eastward as part of its new strategic partnership approach.

Al-Jaber discussed with his counterparts from China and Japan “new partnership and co-investment opportunities created through ADNOC’s new approach, as well as the deepening of UAE bilateral relations with both countries,” state news agency WAM said.

Asia has considerable investment, financing and banking expertise that the Abu Dhabi oil company can leverage as part of its new partnership model, and is focusing on building long-term partnerships with powerhouses China and Japan, WAM added.

ADNOC earlier this year awarded CEFC China Energy a 4 percent stake in Abu Dhabi’s onshore oil concession and China’s state-controlled China National Petroleum Corporation an 8 percent share in the emirate’s prized oilfields. The two investments were valued at a combined $2.65 billion.

Japan’s Inpex meanwhile acquired a 5 percent stake in the onshore oilfields — also known as Adco — and paid $1.1 billion for its share.

Al-Jaber said during his visit to the countries: “Chinese and Japanese companies have been among our most important and longest-standing partners and Asia represents tremendous growth opportunities for ADNOC. We are therefore seeking partners to co-invest across the different parts of our value chain and who will bring operational expertise and technology, as well as the ability to secure greater access to these fast-growing markets.”

DUBAI: Sultan Al-Jaber, the group chief executive of Abu Dhabi National Oil Company (ADNOC), has met with potential and existing partners in Asia as the company looks eastward as part of its new strategic partnership approach.

Al-Jaber discussed with his counterparts from China and Japan “new partnership and co-investment opportunities created through ADNOC’s new approach, as well as the deepening of UAE bilateral relations with both countries,” state news agency WAM said.

Asia has considerable investment, financing and banking expertise that the Abu Dhabi oil company can leverage as part of its new partnership model, and is focusing on building long-term partnerships with powerhouses China and Japan, WAM added.

ADNOC earlier this year awarded CEFC China Energy a 4 percent stake in Abu Dhabi’s onshore oil concession and China’s state-controlled China National Petroleum Corporation an 8 percent share in the emirate’s prized oilfields. The two investments were valued at a combined $2.65 billion.

Japan’s Inpex meanwhile acquired a 5 percent stake in the onshore oilfields — also known as Adco — and paid $1.1 billion for its share.

Al-Jaber said during his visit to the countries: “Chinese and Japanese companies have been among our most important and longest-standing partners and Asia represents tremendous growth opportunities for ADNOC. We are therefore seeking partners to co-invest across the different parts of our value chain and who will bring operational expertise and technology, as well as the ability to secure greater access to these fast-growing markets.”

MORE FROM Business & Economy