Abu Dhabi Forms Overdue Joint Venture With China

摘要

Abu Dhabi finally approved the creation of a joint venture with China National Petroleum Corp. (CNPC) to explore and develop hydrocarbons in the western extremities of the emirate. Al-Yasat, a limited liability company, will be owned 40% by Hong Kong-based CNPC International and 60% by state Abu Dhabi National Oil Co. It will operate a concession that spans onshore and offshore acreage near the border of Saudi Arabia, near the Yasat protected marine area.