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CNOOC and ADNOC ink cooperation agreement

China National Offshore Oil Corporation (CNOOC) has signed a strategic framework agreement with the Abu Dhabi National Oil Company (ADNOC) to explore new collaboration opportunities in both upstream and downstream for the refining and liquefied natural gas (LNG) sectors.

Xi Jinping, President of the People’s Republic of China and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces witnessed the signing of the agreement.

The agreement was signed by Yang Hua, chairman of CNOOC, Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC group ceo.

According to the agreement, CNOOC and ADNOC agreed to share knowledge, best practices and technologies in the area of ultra-sour gas development; and will furthermore consider CNOOC’s subsidiaries, including Offshore Oil Engineering Co. as a contractor for engineering, procurement and construction opportunities, and China Oilfield Services as a supplier of oilfield services and explore potential opportunities in existing and future offshore oil and gas field assets in Abu Dhabi.

In addition, the two companies have agreed to jointly explore potential LNG sales and purchase opportunities, sharing specific knowledge in LNG markets, and evaluate potential partnerships and opportunities across the entire LNG value chain.

The two parties will also work on the potential collaboration in new integrated refining and petrochemical assets in China and CNOOC’s existing refining asset.

Yang said that the agreement signed with ADNOC would deepen the energy sector cooperation between China and the Belt and Road countries.