State-owned Abu Dhabi National Oil Company signed a wide-ranging agreement with China National Petroleum Company to explore partnership opportunities in the emirate as Adnoc’s plan to expand its refining and petrochemical operations attracts global investors.
The companies will explore potential Chinese investments in downstream projects including an aromatics plant, a mixed feed cracker and a new refinery in the UAE, Adnoc said in a statement on Friday. Talks will encompass partnership opportunities in at least one of CNPC's downstream assets in China as Adnoc targets international growth.
“With CNPC, we will assess possible investment and partnership options that have the potential to create more value from our oil and gas resources and give greater access to the Chinese market, while also helping support China in meeting its expanding energy needs,” said Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group chief executive.
The deal comes as Adnoc, which produces 4.5 per cent of the world’s total crude output, seeks to invest Dhs165 billion with partners in the downstream sector over the next five years. Its investment includes building of the world’s largest refining and chemicals facility in the western desert suburb of Ruwais as well as plans for a derivatives and conversions park that will evolve using feedstock from the larger complex. Abu Dhabi’s pivot to downstream comes amid a growing demand for products and their compounds in the large crude-buying nations of India and China.
Listen: Business Extra podcast: How energy security drives UAE-China relations
Further upstream, Adnoc and CNPC are eyeing potential exploration and development opportunities across the emirate, including six oil and natural gas blocks tendered earlier this year, the statement said. Establishing a "technology hub" linked to the Al Yasat concession, in which CNPC has a 40 per cent stake, for the transfer of knowledge and tech is also on the cards. The first batch of crude, a 50,000 barrel per day cargo, was shipped to China in June from one of the concessions operated by Adnoc unit Al Yasat.
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Read more:
Adnoc awards Chinese firm major seismic survey in Dh5.8bn deal
Adnoc and Aramco to partner on $44bn Indian refinery
Adnoc to invest Dh165bn with partners in downstream
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Adnoc and CNPC are also assessing options for crude storage in China as the Abu Dhabi company looks at the sale of its products in the world’s biggest energy market, Adnoc said.
“We believe an enhanced level of collaboration would help ADNOC maximise the value of its assets and resources, while also contributing to China’s energy security,” Wang Yilin, chairman of CNPC, said.
On Thursday, Adnoc awarded contracts worth Dh5.88bn ($1.6bn) to a unit of CNPC to conduct one of the world’s largest 3D onshore and offshore seismic surveys.
The agreement comes during the three-day visit of President Xi Jinping to Abu Dhabi and was confirmed after he was received by the UAE leadership for bilateral talks on Friday, as the two countries further extended their co-operation on energy security.
China is the world’s biggest importer of crude, with around 42 per cent of it sourced from the Middle East. The UAE sells approximately 7 per cent of its crude to China, whose biggest suppliers are Saudi Arabia, Iran and Iraq.
"The UAE is among China top ten crude suppliers as well as an important source of refined petroleum products," said Hugo Brennan, Senior Asia Analyst at global risk consultancy, Verisk Maplecroft. "It has a role to play in ensuring that China maintains well diversified energy import routes."
Beiijing, which seeks foreign oil asset purchases to guarantee its energy security, has increasingly looked towards Abu Dhabi to provide cheap risk-free crude. Adnoc produces about 250,000 bpd alongside its Chinese partners, with 120,000 bpd exported to China.
Chinese firms have made inroads into Abu Dhabi’s energy sector, wining about $1bn worth of offshore concessions in March and are also eyeing the six blocks on offer as part of Adnoc’s first licensing round this year.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
UAE currency: the story behind the money in your pockets
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Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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The Greatest Royal Rumble card as it stands
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
MOUNTAINHEAD REVIEW
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Rating: 3.5/5
Engine: 3.5-litre V6
Transmission: eight-speed automatic
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Poacher
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Jawan
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Meydan card
6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The years Ramadan fell in May
KILLING OF QASSEM SULEIMANI
The years Ramadan fell in May
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
MATCH INFO
Wales 1 (Bale 45 3')
Croatia 1 (Vlasic 09')
UAE currency: the story behind the money in your pockets
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
Russia's Muslim Heartlands
Dominic Rubin, Oxford
