China Zhenhua Oil Offered 4 % Stake in Adnoc’s Onshore Concession

UAE: Onshore Operations China Zhenhua Oil Offered 4 % Stake in Adnoc’s Onshore Concession

17.12.2018Editor: Ahlam Rais

The stake which was earlier held by CEFC China has now been transferred to China Zhenhua Oil. The move is in line with the gulf country’s aim to grant access to Abu Dhabi’s oil and gas concessions to partners who offer technology, operational experience, and capital.

Related Companies

AZO GmbH + Co. KG

Pörner Ingenieurgesellschaft mbH

The transfer was endorsed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and Liu Yijiang, Chairman of China Zhenhua Oil.
(Source: Abu Dhabi National Oil Company)

Abu Dhabi/UAE – The Abu Dhabi National Oil Company (Adnoc) has recently announced that the 4 % stake in its onshore concession, previously held by CEFC China Energy Company (CEFC China), has been acquired by North Petroleum International Company, a subsidiary of China Zhen Hua Oil Co.

The ownership change has been approved by Abu Dhabi’s Supreme Petroleum Council and is in line with the UAE leadership’s directives to grant access to Abu Dhabi’s oil and gas concessions to partners who offer technology, operational experience, capital or market access. The transfer was endorsed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and Liu Yijiang, Chairman of China Zhenhua Oil.

China Zhenhua Oil is 100 % indirectly owned by the Assets Supervision and Administration Commission of the State Council, a Chinese-government agency that supervises and manages over a hundred state-owned assets and enterprises in a variety of sectors, including telecommunications, oil and petrochemicals and transport.

China Zhenhua Oil operates 11 oil and gas upstream projects in six countries, with gross production of close to 10 million metric tonnes per year. It is also in the fuel storage, transportation and refining business, with a trading desk in Singapore.

China Zhenhua Oil joins BP of the UK (10 %), Total of France (10 %), China National Petroleum Corporation (CNPC) (8 %), Inpex Corporation of Japan (5 %), and GS Energy of South Korea (3 %) as participants in the onshore concession and shareholders of Adnoc Onshore. Adnoc retains a majority 60 % share in the Adnoc Onshore operated concession.

Unfold for details of your consent

Stand vom 23.03.2021

Naturally, we always handle your personal data responsibly. Any personal data we receive from you is processed in accordance with applicable data protection legislation. For detailed information please see our privacy policy.

Consent to the use of data for promotional purposes

I hereby consent to Vogel Communications Group GmbH & Co. KG, Max-Planckstr. 7-9, 97082 Würzburg including any affiliated companies according to §§ 15 et seq. AktG (hereafter: Vogel Communications Group) using my e-mail address to send editorial newsletters. A list of all affiliated companies can be found here

Newsletter content may include all products and services of any companies mentioned above, including for example specialist journals and books, events and fairs as well as event-related products and services, print and digital media offers and services such as additional (editorial) newsletters, raffles, lead campaigns, market research both online and offline, specialist webportals and e-learning offers. In case my personal telephone number has also been collected, it may be used for offers of aforementioned products, for services of the companies mentioned above, and market research purposes.

In case I access protected data on Internet portals of Vogel Communications Group including any affiliated companies according to §§ 15 et seq. AktG, I need to provide further data in order to register for the access to such content. In return for this free access to editorial content, my data may be used in accordance with this consent for the purposes stated here.

Right of revocation

I understand that I can revoke my consent at will. My revocation does not change the lawfulness of data processing that was conducted based on my consent leading up to my revocation. One option to declare my revocation is to use the contact form found at https://support.vogel.de. In case I no longer wish to receive certain newsletters, I have subscribed to, I can also click on the unsubscribe link included at the end of a newsletter. Further information regarding my right of revocation and the implementation of it as well as the consequences of my revocation can be found in the data protection declaration, section editorial newsletter.

(ID:45659456)

UAE: Onshore Operations China Zhenhua Oil Offered 4 % Stake in Adnoc’s Onshore Concession

Subscribe to the newsletter now

Don't Miss out on Our Best Content

Consent to the use of data for promotional purposes