Adnoc agrees to double supplies to CNPC

20 July 2011

Abu Dhabi to supply 200,000 barrels a day by 2014

Abu Dhabi National Oil Company (Adnoc) will double its supply of crude to China National Petroleum Corporation (CNPC) as part of an agreement that will come into effect in 2014.

The 20-year agreement says that Abu Dhabi will increase its supply to the Chinese state-owned oil company to 200,000 barrels a day (b/d), says an Adnoc official quoted by Reuters.

Adnoc will also try and cover any shortfalls in supply before the agreement comes into place, said Sultan al-Mehairi, director of marketing and refining.

Chinese demand for crude is projected to grow strongly. Bank of America/Merrill Lynch estimates that demand is set to increase to 10.3 million b/d in 2012, from 9.6 million b/d this year.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications