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ADNOC adds CNOOC as new partner in two offshore concessions

August 07/2020

MOSCOW (MRC) -- Abu Dhabi National Oil Co. has added China National Offshore Oil Corp. (CNOOC) as a new partner in two offshore concessions as the UAE's biggest energy producer continues to court Asian oil and gas companies to invest in its assets, reported S&P Global.

ADNOC will transfer the rights in Lower Zakum, and Umm Shaif and Nasr offshore concessions from China National Petroleum Corp. (CNPC) to CNOOC, the national oil company said on July 27. ADNOC did not disclose the value of the transaction.

After the transfer of rights, CNOOC will hold a 4% interest in Lower Zakum and the same amount in Umm Shaif and Nasr concessions, while CNPC will keep a 6% stake in the assets. CNPC owned 10% of both concessions prior to the transfer.

"This agreement follows the signing of a comprehensive framework agreement between ADNOC and CNOOC in July 2019 to explore new opportunities for collaboration in both the upstream and downstream sectors as well as in liquefied natural gas," ADNOC said.

CNOOC joins an ONGC Videsh-led consortium (10%), INPEX Corp. (10%), CNPC (6%), Eni (5%), and Total (5%) as participants in the Lower Zakum concession. It is also a new partner to Eni (10%), Total (20%), and CNPC (6%) in the Umm Shaif and Nasr concession. ADNOC retains 60% of both concessions.

As MRC informed before, ADNOC Logistics and Services (ADNOC L&S), a subsidiary of ADNOC, said on Tuesday it had formed a shipping joint venture with Wanhua Chemical Group. The new company, AW Shipping Limited, is incorporated in Abu Dhabi Global Market (ADGM), a statement by ADNOC said.

We remind that in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for maintenance.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, homopolymer PP, propylene, HDPE, ethylene, petrochemistry, ADNOC, CNOOC, Yantai Wanhua, China, United Arab Emirates (UAE), Russia.
Category:General News
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