China secures $330 million UAE oil field deal: Report

  • 18-May-2015
  • China secures $330 million UAE oil field deal: Report

SHANGHAI : A subsidiary of China's largest energy company China National Petroleum Corporation signed a $330 million deal on Sunday to build infrastructure for an onshore petroleum company in the United Arab Emirates, according to state news agency Xinhua.

The project between China Petroleum Engineering and Construction Corporation (CPECC) and Abu Dhabi Company for Onshore Oil Operations (ADCO) will lift ADCO's daily crude production from 1.4 million to 1.8 million barrels by 2017, Xinhua reported.

CPECC will build oil gathering stations, pipelines, power transmission lines and sewage systems in the country's Mender oilfield, said Xinhua.

China National Petroleum Corporation secured rights in 2014 to produce and export oil from Abu Dhabi, helping the world's second-largest economy to secure more fuel for its rapid economic growth.

Source : economictimes.indiatimes.com

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