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CNPC to sign refining pact with ADNOC this month

July 10/2018

MOSCOW (MRC) - China National Petroleum Corp (CNPC) is expected to sign a preliminary agreement with Abu Dhabi National Oil Co (ADNOC) later this month to invest in oil and gas exploration and refinery projects, four sources with knowledge of the matter said, as per Hydrocarbonprocessing.

The agreement will be signed during a high-level Chinese state visit to the United Arab Emirates during which CNPC Chairman Wang Yilin will be on the business delegation.

"It will be a preliminary and broad cooperation deal that covers upstream and downstream investment," said one of the sources, a Beijing-based oil executive briefed on Wang's planned trip.

CNPC International, the state major's overseas investment arm for oil and gas exploration and production, is taking the lead in talks with ADNOC, the executive added.

A CNPC spokesman declined to comment on the deal.

An ADNOC spokesman said the company has received "significant interest" from the market as well as from existing and new partners since it announced its plan to expand its strategic partnership model, but declined to comment on the specific deal.

China will host a high-level China-Arab summit next Tuesday where President Xi Jinping will deliver the keynote speech.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, CNPC.
Category:General News
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