A Chinese state-run oil company has signed an oil production deal with the capital of the United Arab Emirates in a further indication of the deepening ties between oil-rich Gulf states and their energy-hungry Asian customers.
Al Yasat Company for Petroleum Operations, owned 60 per cent by Abu Dhabi National Oil Company and 40 per cent by China National Petroleum Company, was formalised by the UAE’s president, the state news agency reported on Tuesday.
The announcement cements a 2012 strategic partnership through which the two parties agreed to develop upstream projects in the oil-rich UAE.
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