CNPC seals $1.18 bn Abu Dhabi oil deal

Abu Dhabi: Chinese oil giant CNPC has signed a deal worth $1.18 billion (950 million euros) for stakes in two Abu Dhabi oil and gas concessions, the Gulf emirate’s state producer said. The 40-year deal is the latest in a series of contracts Abu Dhabi has sealed with foreign partners and will see China increase its footprint in the vital region. State-run CNPC will take a 10 per cent stake of the Umm Sharif and Nasr concession for $575 million (468 million euro), and 10 per cent of the Lower Zakum for $600 million (488.5 million euro), Abu Dhabi’s ADNOC said. Last Sunday, ADNOC agreed a deal with French group Total for shares in the same concessions amounting to $1.5bn. — AFP