CEFC China Energy wins 4% stake in UAE oil project
DUBAI — The United Arab Emirates’ (UAE) main state oil company has agreed to give CEFC China Energy a 4 percent stake in a major onshore oil project just one a day after awarding a minority stake to another Chinese company.
The Abu Dhabi National Oil Company said Monday that the Chinese conglomerate is paying an entry fee of $888 million for the concession operated by the Abu Dhabi Company for Onshore Petroleum Operations, also known as ADCO.
Foreign investors now hold a combined 40 percent stake in the ADCO project, which currently produces about 1.6 million barrels a day. That includes 10 percent stakes held by energy company British Petroleum (BP), and Total of France, as well as an 8 percent stake granted to China National Petroleum Company on Sunday.