Abu Dhabi, China companies strike key agreements

Beijing - The agreement was witnessed by Shaikh Mohammed and signed by Dr Al Jaber and Wang Shi, chairman of Vanke

Mubadala Petroleum and China National Petroleum Corporation, or CNPC, have signed an agreement to foster greater cooperation between the two companies in the oil and gas exploration and production sector.
The non-binding strategic co-operation agreement, witnessed by His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, was signed during a ceremony in Beijing by Dr Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State and CEO of energy for Mubadala Development Company, on behalf of Mubadala Petroleum, and CNPC chairman Wang Yilin.
The agreement identifies potential areas for collaboration in the upstream oil and gas sector outside of the UAE and, more specifically, new and existing projects including onshore conventional projects, offshore projects and LNG projects.
Musabbeh Al Kaabi, CEO of Mubadala Petroleum, said: "This agreement reflects a growing level of dialogue between ourselves and CNPC, both nationally-owned companies with expanding international interests. We welcome the continued strengthening of links between countries and companies across the traditional trading routes of the Middle East and Asia, a region where Mubadala Petroleum already has well-established operations."
Also, Masdar, Abu Dhabi's renewable energy company, and China Vanke, the Masdar Institute, BGI and China Merchants New Energy Group have signed a memorandum of understanding for collaboration on potential projects in both the UAE and China.
The agreement was witnessed by Shaikh Mohammed and signed by Dr Al Jaber and Wang Shi, chairman of Vanke, and supports the development of a long-term relationship between the companies based on a shared vision.
Dr Ahmad Belhoul, CEO of Masdar, said: "Masdar has been at the forefront of the UAE's efforts to deploy clean energy at home and abroad. International partnerships are key to the diversification of energy sources and to enhancing innovations that will deliver renewable technologies both for the UAE, the Middle East region and for China. This MoU and future potential collaborations represent significant steps in our two countries' missions to secure long-term energy security and sustainable development." - Wam

Source: World Bank, PricewaterhouseCoopers

• Abu Dhabi