Page 10 - MEOG Week 36

MEOG ProJeCts & ComPanies MEOG
NPCC to collaborate with Chinese services firms
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ThE UAE’s National Petroleum Construction Co. (NPCC) has agreed deals to explore collab- orative opportunities on- and offshore with two Chinese services firms.
Announced during the first day of the World Energy Congress in Abu dhabi, the agreements were signed with China National Petroleum Corp. (CNPC) subsidiary China Petroleum Engineering & Construction Corp. (CPECC) and China National Chemical Engineering Co. (CNCEC).
Under the deal with CPECC, NPCC will pur- sue opportunities for the pair to collaborate on projects to create value for both companies and exchange information, data and insights, accord- ing to the UAE’s WAM news agency.
The memorandum of understanding (MoU) agreed with CNCEC will see the parties co-oper- ate on potential projects for Abu dhabi National Oil Co. (AdNOC) as well as seek opportunities for financing services on AdNOC projects in the Middle East and North Africa.
Attending the signing ceremony, CPECC’s
chairman and president Liu haijun said: “The UAE is one of the fundamental countries in the ‘Belt and Road’ initiative. Under the stream of deepening the bilateral economic development between the UAE and China, the AdNOC and the CNPC have been working together on busi- ness expansion. Therefore our alliance under- pins win-win outcomes, which satisfy mutual development needs, and support the direction of the Sino-UAE partnership.”
CPECC has been increasing its footprint in the Middle East in recent years.
In late 2017, it won a $1.5bn-plus engineer- ing, procurement and construction (EPC) deal from AdNOC on the Bab Integrated Facilities project, bidding as well for various other projects in the country.
Notable projects elsewhere in the region include the building of gas-processing facilities at the halfaya oilfield and a heavy involvement in the Basrah NGL project, both in Iraq, as well as the development of Oman’s Ras Markaz Crude Oil Park.™
PriCes
Date
WTI (US$)
ICE Brent (US$)
DME Oman (US$)
OPEC Basket (US$)
03 September
53.76
58.26
57.48
57.81
04 September
56.10
60.70
59.50
58.97
05 September
56.16
60.95
59.88
60.58
06 September
56.43
61.54
60.54
60.75
09 September
53.76
62.59
61.80
P10
w w w . N E W S B A S E . c o m Week 36 10•September•2019