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HE Sultan Bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of the National Oil Company of Abu Dhabi (ADNOC) and its group of companies, confirmed that the signing and exchange Long-term Framework Agreement between ADNOC and CNOOC coincided with management's direction to strengthen strategic partnerships Joint investments that bring mutual benefits to the world's second largest economy and underscore strong ties Close economic cooperation between the United Arab Emirates and the People's Republic of China.
He added that the framework agreement aimed to explore opportunities for cooperation in the fields of exploration, development, production, refining and petrochemicals, in addition to LNG, and contributed to the creation of investment initiatives generating mutual benefits for ADNOC and CINOC and enabling strategic cooperation in all areas and phases of the oil sector. And gas.
"The future cooperation opportunities agreed between ADNOC and Sinoc underscore ADNOC's approach to partnering with strategic partners with the ability and willingness to use leading-edge technologies and capital badets." to help us improve ADNOC's access to new markets and to value Abu Dhabi's rich oil and gas resources, "said Al Jaber. It also supports the implementation of ADNOC's 2030 integrated strategy for smart growth and its focus on key economies and Asian growth markets such as China. "
His Excellency Dr. Sultan Ahmed Al Jaber and Yang Hua, President of CNOOC, signed the agreement today.
The agreement provides for the exchange of knowledge, skills, best practices and modern technologies in the development of high acid gas, with the aim of improving the operational efficiency of gas treatment and purification processes. acids, thus improving the efficiency, performance and reliability of drilling operations. Acid and improvement of field and reservoir development plans.
According to the agreement, both parties will study the integration of Offshore Oil Company Ltd. as a qualified contractor in engineering, procurement and implementation, of China Oilfield Services Co. Ltd. as a qualified oilfield service provider, and will explore new opportunities for cooperation with both companies for offshore oilfield mining in the future in Abu Dhabi.
The two parties also agreed to cooperate to explore opportunities for LNG sales and purchases, to exchange knowledge and expertise on LNG markets and to evaluate opportunities. partnership and joint investment in all areas and stages of the LNG value chain.
In the field of refining and petrochemicals, both sides agreed to badyze the potential of new specific business opportunities with mutual benefits, including possible cooperation in new and integrated refining and petrochemical badets in China. and the existing refining badets of Sinoc, as well as the establishment of expanded partnerships and investments covering all areas. And the phases of the value chain for refining and petrochemicals.
"This agreement helps to strengthen the energy cooperation relations between China and the countries participating in the Road and Road Initiative, and build a closer society through a common future in the energy sector. Sinoc, ADNOC "to expand opportunities and areas for future cooperation to take advantage of this mutually beneficial partnership.
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The agreement is of great importance to Sinoc for its role in promoting the growth of its oil and gas activities abroad, the diversification of its import resources and the improvement of the integrated industrial chain in the fields of exploration, development, production, transportation, distribution, refining and petrochemicals.
CNOOC will continue to make efforts to contribute to the implementation of the "Belts and Roads Initiative", to strengthen energy cooperation and to further enhance Sino-Arab friendly relations and regional development. "
Over the last two years, ADNOC has successfully expanded its strategic partnership model by creating new investment opportunities in its various areas and aspects of the oil and gas sector, while improving the proactive management of its badet portfolio and of its capital.
ADNOC plans to increase its oil production capacity to 5 million barrels per day by 2030, to achieve self-sufficiency in UAE natural gas and become a source of energy. supply, and implement ambitious growth and expansion plans in the refining and petrochemical sectors, International.
In the context of ADNOC's ambitious refining and petrochemical projects, the company strives to maintain flexibility, diversify its products and better keep abad of developments in the energy sector, improve its performance. and increase profitability. ADNOC's refining and petrochemical growth and expansion strategy is one of the main drivers of Abu Dhabi's economic growth and diversification plans, attracting more foreign and domestic direct investment, creating new niche jobs and supporting local value-added initiatives of ADNOC.
China is the second largest economy and largest importer of crude oil in the world, and the United Arab Emirates is one of China's leading energy providers. China is focusing on increasing domestic refining capacity, increasing strategic stocks and sourcing crude oil.
In February 2017, the National Petroleum Corporation of China (CNPC) acquired a minority stake in the oil fields of Abu Dhabi and, in March 2018, received a 10% stake. And 10% of the Lower Zakum Marine concession in Abu Dhabi.
ADNOC focuses on expanding markets in China and Asia, the demand for petrochemicals and plastics, including components used in the automotive, pipeline and insulation industries, is expected to double in Asia from here 2040.
Borouge, the joint venture between ADNOC and Borealis in Austria, is Borouge's main export market, exporting 1.2 million tonnes of polyolefins per year to China, equivalent to one third of its sales. world.
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