China ahead in race for stakes in Abu Dhabi's biggest oil concession

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.