China's CNPC Signs Cooperation Deal with Abu Dhabi's Mubadala Petroleum

Reuters

BEIJING, Dec 14 (Reuters) – China National Petroleum Corp has signed a strategic cooperation agreement with Abu Dhabi's Mubadala Petroleum, the Chinese state-run oil giant said on Monday.

The agreement on the oil and gas exploration and production was signed in Beijing on Sunday during an official visit by Sheikh Mohammed bin Zayed al-Nahyan, Crown Prince of Abu Dhabi.

The two sides will collaborate on upstream oil and gas investment and related projects outside of the United Arab Emirates, including onshore conventional projects, offshore projects and LNG projects, the statement on CNPC's website said.

Mubadala Petroleum is an arm of one of the main investment funds of Abu Dhabi, the capital of OPEC member United Arab Emirates.

In October, sources familiar with the matter said Saudi Aramco, the world's biggest oil producer, was in talks to acquire a stake in a CNPC refinery as well as retail assets, a deal that would help it sell more of its output to China amid growing competition.

(Reporting By Adam Rose)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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