CNOOC, ADNOC sign MOU on exploration, oil refining, LNG trade: state media
Reuters
Published Jul 22, 2019 05:46AM ET
CNOOC, ADNOC sign MOU on exploration, oil refining, LNG trade: state media
BEIJING/SINGAPORE (Reuters) - China National Offshore Oil Co (CNOOC) signed a memorandum of understanding (MOU) with Abu Dhabi National Oil Co (ADNOC) on upstream exploration and development, oil refining and liquefied natural gas (LNG) trade, state-backed China News Agency reported on Monday.
The MOU was signed on the sideline of a state visit by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.
Under the agreement, companies will share the latest know-how in developing ultra-acidic natural gas fields, the report said, citing a statement from CNOOC Group.
The two companies will consider enlisting CNOOC's engineering arms, Offshore Oil Engineering Co Ltd (SS:600583) and China Oilfield Services Ltd (SS:601808), as contractors for design, purchase and construction as well as oilfield service providers for ADNOC.
The companies will also explore cooperating in LNG marketing and purchases.
In the downstream oil refining and petrochemicals sector, ADNOC will look into opportunities for investing in CNOOC's existing refineries, the report said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.