CHINA TOPIX

China's CEFC, CNPC Grab 12% Stake in Abu Dhabi Oil Deal

Prei Dy   |

Feb 21, 2017 05:30 AM EST

Shanghai-based CEFC China Energy Co. snatched the last 4 percent stake for the onshore venture, Abu Dhabi National Oil Co. (ADNOC) confirmed on Monday. CEFC will be paying an $888 million signing bonus. China National Petroleum Corp. (CNPC) was also awarded an 8 percent in exchange for a signing bonus of $1.8 billion.