Dubai

CHINESE companies are big winners in the competition among foreign bidders for stakes in Abu Dhabi's largest oil concession, snatching a combined 12 per cent of the venture as the Middle Eastern emirate looks increasingly to Asia, its biggest market, for investment.

Abu Dhabi National Oil Co awarded a 4 per cent stake in the onshore venture - the last share of the project that was still up for grabs - to Shanghai-based CEFC China Energy Co, Adnoc said in an e-mailed statement. CEFC is paying an US$888 million signing bonus, Adnoc said Monday.