Abu Dhabi, China sign oil deal

July 15th, 2011 - 12:36 am ICT by IANS  

Abu Dhabi, July 14 (IANS/WAM) Abu Dhabi and China have signed an agreement on further cooperation on oil sale, a statement said.

Under the new agreement, the Abu Dhabi National Oil Company (ADNOC) will provide additional quantities of crude oil to the China National Petroleum Corporation (CNPC) with effect from 2014.

The new agreement will be effective for 20 years, and renewable on an annual basis according to the quantity and quality of crude oil agreed upon.


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