Abu Dhabi National Oil Company (ADNOC) and China National Petroleum Corporation (CNPC) signed a head of terms agreement that will see CNPC receive greater imports of oil crude from ADNOC.
Under the new agreement, ADNOC will provide additional quantities of crude oil to CNPC from the Abu Dhabi with effect from 2014, reported WAM news agency.
ADNOC will increase the annual export of crude oil previously agreed on to 200,000 bpd inclusive of the current quantities.
The new agreement will be effective for 20 years and can be renewed on annual basis according to the quantity and quality of the crude oil agreed upon between the two parties.
China’s 2010 crude imports from the UAE totaled 100,000 bpd, according to trade data.
