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CNPC and ADNOC sign heads of agreement on long term purchase and sale of crude oil

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Publish time: 15th July, 2011      Source: CNPC
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On July 13, after the meeting between He Guoqiang, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, CNPC and Abu Dhabi National Oil Co. (ADNOC) signed a heads of agreement on long term purchase and sale of crude oil.

Under the new agreement, from 2014, ADNOC will provide additional quantities of crude oil to CNPC from the Emirate of Abu Dhabi.

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.