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FINANCIAL NEWS
Abu Dhabi to provide China with more oil supplies in 2014
15 Jul 2011
(MENAFN) The UAE state news agency WAM reported that in 2014, Abu Dhabi National Oil Company would start supplying China National Petroleum Corporation (CNPC) with additional 200,000 barrels of oil per day, reported The National.
WAM added that the Abu Dhabi company and CNPC signed a deal two years ago to collaborate on oil trading, shipping and storage, furthermore, CNPC won a contract to establish a strategic UAE pipeline to transfer Abu Dhabi crude to the Fujairah coast, allowing about half of the emirate’s crude exports to bypass the Strait of Hormuz.
It also said that cooperation between the UAE and China rose in different sectors. The UAE Central Bank considered holding some of its foreign currency assets in Chinese yuan, making it the first central bank in the region to do so, which would allow more trade and investment between the two countries.
It is worth noting that the number of Chinese visitors to Dubai reached 152,000 in 2010, and the number is forecasted to increase more than half in 2011.
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