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Abu Dhabi awards China's CEFC 4 pct of oil concession for $900 mln
February 20, 2017 / 10:01 AM / 10 months ago

Abu Dhabi awards China's CEFC 4 pct of oil concession for $900 mln

ABU DHABI, Feb 20 (Reuters) - Abu Dhabi awarded the final 4 percent interest in its onshore oil concession to CEFC China Energy Co in exchange for a sign-up bonus of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi National Oil Co (ADNOC) said on Monday.

The agreement has a term of 40 years and is backdated to the start of 2015. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)

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