CEO of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber, expressed his keenness on expanding and deepening energy cooperation with China.
Jaber made a visit to Beijing as part of an effort "to deepen and expand business and economic relations with one of the United Arab Emirates' (UAE) largest trading partners," according to the statement.
Cooperation in energy is an important part of the UAE's relations with China, a major growing market for ADNOC's crude, refined products and petrochemicals.
There are mutually beneficial partnership and co-investment opportunities with China across the company's upstream and downstream value chains said Jaber.
In the oil sector, upstream describes the business of discovering, exploring and drilling oil fields, while downstream stands for all parts of the petroleum industry that deal with the refinery of oil or the immediate usage of oil in various industries like petrochemicals.
Jaber said, ADNOC is also ready to work with existing and potential new partners to meet the growing demand for energy and petrochemical products in China.
Jaber met with senior executives from the China National Petroleum Corporation (CNPC), a major state-owned Chinese oil and gas Corporation, Wanhua Chemical Group, one of the world's largest producers of methylene diphenyl diisocyanate, and China National Offshore Oil Corporation, China's largest producer of offshore crude oil and natural gas.
He also met with representatives from the China Development Bank and deputy chief of the National Development and Reform Commission.
Market expansion is the company’s main focus, in China and other parts of Asia, where demand for petrochemicals and plastics, including light-weight automotive components, essential utility piping and cable insulation, is expected to double by 2040.