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ADNOC to Double Crude Sales to CNPC

Source: Reuters 7/20/2011, Location: Middle East

Abu Dhabi National Oil Company will nearly double its crude sales to China National Petroleum Company (CNPC) under a 20-year agreement it signed last week, and also aims to supply the Singapore unit of the Asian major, an ADNOC executive said.

Under the deal, effective 2014, ADNOC will raise supplies to CNPC to 200,000 barrels per day from just under 100,000 bpd now, Sultan Al Mehairi, director of marketing and refining at ADNOC, told Reuters on the sidelines of an industry event in the South Korean capital. "Basically, we also used to have SPC as our customer," Mehairi said. "If we consider SPC, then they (our sales to CNPC) are almost 100,000 bpd."

Between now and 2014, ADNOC will try and cover any additional requirement CNPC may have, he said. The two companies are talking on further boosting cooperation beyond the supply deal, he also said, without elaborating. PetroChina, CNPC's listed unit and Asia's oil and gas firm, bought nearly half of Singapore Petroleum Company (SPC) in 2009 in its first downstream acquisition.

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