Wang Yilin, chairman of China National Petroleum Corporation, shakes hands with Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Company, after signing deals for China's national oil company to acquire stakes in two UAE offshore concessions in Abu Dhabi, the UAE, on March 21, 2018. [Photo/Xinhua]
The UAE has emerged as a trusted partner of China in energy after landmark agreements that awarded China National Petroleum Corporation shares in Abu Dhabi's 40-year onshore and offshore concessions in 2017 and 2018.
Under the agreements, PetroChina has been granted a 10 percent stake in the Umm Shaif and Nasr concession, and a 10 percent stake in the Lower Zakum concession.
Both concessions will be operated by ADNOC Offshore on behalf of all concession partners.