UAE's ADNOC eyes partnerships with Chinese oil firms

Abu Dhabi National Oil Company (ADNOC) is looking at expanding and deepening investment and partnership opportunities across its integrated upstream and downstream value chain with Chinese oil and gas companies, it said in a statement on Monday.

Dr. Sultan Ahmed Al Jaber, group CEO, ADNOC, met with senior executives from the Wanhua Chemical Group, China National Petroleum Company and the China National Offshore Oil Corporation, discussing ADNOC's plans to develop new upstream oil and gas resources and to expand downstream operations, which will see production of petrochemicals triple to 14.4 million tons per annum by 2025.

The meeting also highlighted ADNOC’s new licensing strategy announced earlier this year, which will see six offshore and onshore exploration, development and production blocks made available for competitive bidding.

Meanwhile, ADNOC said it remains focused on market expansion in China and Asia, where demand for petrochemicals and plastics forecast to double by 2040.