China strengthens role in region’s energy sector
23 November, 2017 | By ANDREW ROSCOE
The signing of a framework agreement between Abu Dhabi National Oil Company (Adnoc) and China National Petroleum Corporation (CNPC) covering potential offshore oil and sour gas fields is the latest indicator of growing Chinese influence in the Gulf’s hydrocarbons industry.
The framework agreement followed a day after the state oil firm had awarded a CNPC subsidiary a contract to increase the capacity of its Bab onshore field. In February, CNPC was granted an 8 per cent interest in the emirate’s onshore concession.
It is not just the UAE that China is targeting to grow its energy interests in the Gulf. It was recently reported that Beijing had made an offer to Saudi Aramco to directly buy the 5 per cent stake planned for an initial public offering (IPO) in the world’s largest oil company.
Elsewhere in the Middle East and North Africa, CNPC was the first foreign oil company to sign an oil services contract in Iraq after Saddam Hussein’s regime was toppled. In October this year, a PowerChina subsidiary signed a $2bn deal to develop Egypt’s Ain Sokhna refinery.
In addition to exporting large companies able to deliver projects on low budgets, China is also increasingly keen to direct financing to projects abroad. The Asian country is providing the majority of the financing for the $3.4bn Hassyan coal-fired power plant in Dubai, which is being funded by major banks and the Chinese sovereign wealth fund Silk Road.
With the region increasingly looking for partners that can provide financing as well as expertise, Beijing is set to become an increasingly powerful player across the Middle East’s energy sector.
Mena petrochemicals producers target ambitious growth
Downloadable briefing paper from MEED, in partnership with Mashreq, examines rising capital investments in Mena’s petrochemicals sector
About $33.8bn-worth of petrochemicals projects are under execution in the ...
Project is estimated to be worth $500m-$600m
International contractors have submitted technical bids for the engineering, procurement and construction (EPC) contract for the second phase of the Qusahwira oil field development, ...
The fourth Mashreq Energy Club discussed the challenges and investment outlook for natural gas in the Middle East and North Africa
Few regions invest more consistently in the development of hydrocarbons ...
International engineering consultancies are bidding for a 2030 oil and gas masterplan study in Kuwait, according to an industry source.
The winner of the contract will be responsible for looking at ...
The commercial impact of Covid-19 has dramatically changed the banking needs of companies in the UAE, says latest briefing from Mashreq Bank
Download the complete media briefing here
Over half of ...
China investment makes up an increasing proportion of the financial support for the largest projects in the region’s power sector
The financial close of the $4.4bn fourth phase of Dubai’s Mohammed ...
State oil company targeting five offshore and three onshore fields for high-sulphur gas capacity expansions
Abu Dhabi National Oil Company (Adnoc) is considering the investment of $20bn in developing sour gas ...
Oil producers continue to focus on developing projects to increase production capacity, while the gas sector is set to benefit from the move away from coal and oil
Global demand for ...
The Covid-19 pandemic could provide greater scope for sovereign wealth funds to help boost regional economies starved of liquidity
US Treasury data released in May painted a dismal scene for Middle ...
Surge in activity has come amid increased gas production
Egypt’s petrochemical projects market has more than doubled in less than four years, with the value of active projects in the sector ...
BRIEFING PAPER: Renewed Ambitions
Contractors submit bids on Abu Dhabi oil development
ENERGY CLUB 4: The outlook for upstream gas
Kuwait considers another new refinery
Companies call for greater financing support from Covid-19
China ramps up investment in Middle East power
Abu Dhabi considering $20bn investment in offshore sour
Producers renew upstream investment
Sovereign funds feel the pressure
Egypt’s petrochemical projects market triples in value
23 November, 2017 | .By ANDREW ROSCOE