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UAE: How a New Oil Deal Diversifies Emirati Energy Ties

Mar 21, 2018 | 19:32 GMT

The United Arab Emirates' state-owned oil company is continuing to sign a string of major oil deals. Abu Dhabi's National Oil Company (ADNOC) has signed yet another deal to split up its offshore concessions. On March 21 ADNOC signed a deal with China National Petroleum Corporation (CNPC) granting the company a 10 percent stake in the Umm Shaif, Nasr and Lower Zakum concessions for the next 40 years in exchange for $1.175 billion. Through this and other deals, Abu Dhabi continues to shake up the landscape of its upstream energy sector as it strategically re-prioritizes long-term deals that are geared toward Asian consumers....

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