Wang Yilin
,Chairman,China National Petroleum Corporation (CNPC)
With chairman Wang Yilin at the helm of affairs, the China National Petroleum Corporation (CNPC) is aggressively expanding in the region. In December, CNPC signed an agreement with Mubadala Petroleum to foster greater co-operation between the two companies in the oil and gas exploration and production sector. The agreement identifies potential areas for collaboration in the upstream oil and gas sector outside of the UAE and, more specifically, new and existing projects including onshore conventional projects, offshore projects and LNG projects.
Besides, CNPC is also in talks with Saudi Aramco to sell a minority refinery share and some 300 retail outlets. The deal has been valued at $1bn to $1.5bn, although final valuations, assets and stakes are subject to change, media reports said.
Earlier in 2014, as part of its global expansion campaign, CNPC had set up a joint venture company with ADNOC – named Al Yassat Company – to produce and export oil from Abu Dhabi. As with a typical join venture with ADNOC, operating in the ADCO concession, CNPC owns 40% of the stake, with the majority 60% being controlled by the owner.
CNPC has expanded over the past decade to over 30 countries around the globe to help secure essential supplies of the oil and gas that China needs to sustain its economic growth.
