Copyright(C)Tangshan Ruilin Technology Co.,Ltd  冀ICP备20017114号-1  Powerd by
Add: HouYujiadian Village Yuehe Town Kaiping District Tangshan City Hebei  Tel:86-315-2648088

Another big oil country is considering the development of China's oil upstream franchise

Another big oil country is considering the development of China's oil upstream franchise

Page view

    Abu Dhabi National Oil Company (ADNOC) is national oil group, founded in 1971. The scope of operation is exploration, development and production of oil and gas, but the focus is on improving the production of natural gas and condensate oil on land and sea. The company recently announced that it is preparing to lay out China's petrochemical industry and open the upstream franchise to Chinese companies.


    "Abu Dhabi is considering opening up upstream oil development concessions to companies including Chinese companies, and trying to build innovative investment institutions and businesses in the middle and lower reaches." UAE Minister of state and Abu Dhabi's national oil company, CEO Sultan Jabir, said in January at the end of the trip. He explained that he hoped that value added companies could increase the value chain of oil, not only upstream, but also middle, downstream and even financial sectors.


    In 2018, Sultan Jabir said the crude oil production capacity would be raised to 3 million 500 thousand barrels per day to ensure the reliability of the supply of crude oil in Asia and China. In 2016, ADNOC's oil production was about 2 million 800 thousand barrels per day.


    In 2017, a total of 62 Chinese enterprise merger implementation of "The Belt and Road along the country, the investment of $8 billion 800 million, an increase of 32.5%. One of the biggest projects from February 20, 2017, China Petroleum Corporation (hereinafter referred to as oil) and China Huaxin Energy Company Limited (hereinafter referred to as DHC) invested $2 billion 800 million acquisition of ADNOC, the joint oil 12% stake in the project, the oil accounted for 8%, China accounted for 4%, the contract period is 40th anniversary.


    ADNOC is also deepening its cooperation with the PetroChina offshore oil and gas project. In November 15, 2017, ADNOC and CNPC signed a contract for a package of offshore oil and sulfur - containing natural gas development projects.


    Before signing the ADNOC's most continental oil project, Huaxin has signed a 10 million ton long-term crude oil supply agreement with each year.


    As the largest emirate in the United Arab Emirates, the Emirates of Abu Dhabi covers more than 90% of the oil and natural gas resources and production activities in the United Arab Emirates. At present, the United Arab Emirates is China's second largest trading partner in the Middle East, second only to Saudi Arabia, with a trade volume of about $50 billion in 2016.


    By the end of 2016, the ADNOC land oil field development project has 15 oilfields, of which 9 are in production, 6 are to be developed, and the average daily output is about 1 million 600 thousand barrels.


    "Abu Dhabi plans to increase its petrochemical production capacity from 4 million 500 thousand tons in 2016 to 11 million 400 thousand tons in 2025, mainly to meet China's growing demand for refined oil and petrochemical products." Sultan Jabir said that petrochemicals will become one of the fastest growing areas in the energy value chain. It is estimated that the demand for global petrochemical products will increase by 150% in 2040, and the growth rate of Asia will be faster.


    Sultan Jabir also said that the capacity growth of the petrochemical industry will be achieved mainly through ADNOC and Borealis, a joint venture between Shanghai and Nordic chemical company, including increasing the production capacity of automotive composite polypropylene resin.


    At present, Abu Dhabi petrochemical products mainly include polyethylene and polypropylene, which covers infrastructure, automotive industry and high-end packaging market in the Middle East, Asia Pacific, India and Africa.


    ADNOC is the first state-owned oil company to realize IPO in the Middle East countries. In December 15, 2017, Abu Dhabi's retail companies ADNOC Distribution was on the United Arab Emirates stock exchange IPO, on the same day, the company's share price rose 16%.


    Sultan Jabir said that ADNOC Distribution is the largest fuel retailer in the United Arab Emirates and has 67% market share. The service station network is expanding to the Dubai Emirates and Saudi markets. At present, the ADNOC Distribution is valued at $14 billion.