Abu Dhabi awards CEFC China Energy final 4 percent of venture.
BLOOMBERG.COM

Chinese companies are big winners in the competition among foreign bidders for stakes in Abu Dhabi’s largest oil concession, snatching a combined 12 percent 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 percent 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 $888 million signing bonus, Adnoc said Monday. The announcement came one day after China National Petroleum Corp. agreed to buy 8 percent of the same concession for $1.8 billion.