China and the UAE are set to cooperate on oil projects

18/01/2012 - Northern Emirates Property & Investment News Posted Bob Brunskill
China and the UAE are set to cooperate on oil projects

The UAE and China are set to collaborate on oil projects in the near future, it has been claimed.Improved trade relations between the two countries could come as good news to a number of people working in the emirates including property investors hoping for an influx of workers.According to a report by state-news agency WAM, state-owned Abu Dhabi National Oil Company (Adnoc) has signed a strategic agreement with China National Petroleum Corporation.Under the terms of the agreement, the two firms will collaborate on upstream projects in undeveloped areas."The Chinese company will conduct technical and economic studies in order to assess those (undeveloped) areas and will forward the studies to Adnoc," the WAM report explained.It comes shortly after a senior Chinese diplomat claimed that trade between the UAE and China has grown steadily over the past ten years.Chinese Ambassador to the UAE Gao Yusheng explained that trade volume has increased at a speed of 35 per cent annually over the past decade, Xinhua reported.