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CEFC China Energy wins 4 percent stake in UAE oil project

DUBAI, United Arab Emirates (AP) — The United Arab Emirates’ main state oil company has agreed to give CEFC China Energy a 4 percent stake in a major onshore oil project a day after awarding a minority stake to another Chinese company.

The Abu Dhabi National Oil Company said Monday that CEFC is paying an entry fee of $888 million for the concession operated by the Abu Dhabi Company for Onshore Petroleum Operations, also known as ADCO.

Foreign investors now hold a combined 40 percent stake in the ADCO project, which currently produces about 1.6 million barrels a day. That includes 10 percent stakes held by British energy company BP and Total of France, as well as an 8 percent stake granted to China National Petroleum Company on Sunday.

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