CEFC China Energy wins 4% stake in UAE oil project

DUBAI: The United Arab Emirates’ (UAE) main state oil company has agreed to give CEFC China Energy a 4 percent stake in a major onshore oil project a day after awarding a minority stake to another Chinese company.
The Abu Dhabi National Oil Company (ADNOC) said Monday that CEFC is paying an entry fee of $888 million for the concession operated by the Abu Dhabi Company for Onshore Petroleum Operations, also known as ADCO.
Foreign investors now hold a combined 40 percent stake in the ADCO project, which currently produces about 1.6 million barrels a day. That includes 10 percent stakes held by British energy company BP and Total of France, as well as an 8 percent stake granted to China National Petroleum Company (CNPC) on Sunday.
The UAE is China’s second-largest trading partner in the Middle East, with commerce worth $60 billion in 2016.