U.A.E.'S OIL GIANT EXPECTS TO EXPAND COOPERATION WITH CHINA
Last Updated: 2018-07-10
Decrease Font Size Increase Font Size

DUBAI, United Arab Emirate, July 10 (NNN-XINHUA) - Sultan Ahmed Al Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC), expressed his keenness on expanding and deepening energy cooperation with China.

The CEO made the comment, in an e-mailed statement, sent by ADNOC, after he met with several Chinese oil, gas, refining and petrochemical industry leaders, during his visit to China's capital, Beijing, this week. Jaber visited Beijing as part of an effort "to expand and deepen business and economic relations with one of the United Arab Emirates' (UAE) largest trading partners," according to the statement.

Energy cooperation is an important aspect of the UAE's relations with China, a major growing market for ADNOC's crude, refined products and petrochemicals, the statement said. ADNOC believes that, there are mutually beneficial partnership and co-investment opportunities with China, across the company's upstream and downstream value chains, it added. ADNOC is also ready to work with existing and potential new partners, to meet the growing demand for energy and petrochemical products in China, said Jaber.

Jaber met with senior executives from the Wanhua Chemical Group, one of the world's largest producers of methylene diphenyl diisocyanate, China National Petroleum Corporation (CNPC), a major state-owned Chinese oil and gas corporation, and China National Offshore Oil Corporation, China's largest producer of offshore crude oil and natural gas. He also met with representatives from China Development Bank and deputy chief of the National Development and Reform Commission.

Jaber discussed ADNOC's plans to develop new energy resources and expand business, which will see a triple of its production of petrochemicals to 14.4 million tonnes annually, by 2025. Jaber said, his company believes in the enormous potential to expand relations with Chinese companies, especially in the downstream.

Meanwhile, ADNOC remains focused on market expansion in China and other parts of Asia, where demand for petrochemicals and plastics, including light-weight automotive components, essential utility piping and cable insulation, is expected to double by 2040.-- NNN-XINHUA