ADNOC and CNPC sign agreeement

Abu Dhabi National Oil Company (ADNOC) and China National Petroleum Corporation (CNPC) have signed head of terms agreement for further cooperation on oil sale. Under the new agreement, ADNOC will provide additional quantities of crude oil to CNPC from the Emirate of Abu Dhabi with effect from 2014. The new agreement will be effective for 20 years renewable on annual basis according to the quantity and quality of the crude oil agreed upon between the two parties. According to the agreement, ADNOC will increase the annual export of crude oil previously agreed on to 200,000 barrel per day inclusive of the current quantities.