China to Increase Crude Oil Imports From Abu Dhabi From 2014

China National Petroleum Corp., the country’s biggest oil producer, said it has agreed to increase imports of crude oil from Abu Dhabi starting in 2014.

The accord is part of a 20-year crude supply deal that CNPC and Abu Dhabi National Oil Co. signed on July 13, the parent of PetroChina Co. said in its online newsletter today, without giving details. Liu Weijiang, the Beijing-based director of CNPC’s international department, couldn’t immediately comment on the total volume and schedule covered by the agreement.

Abu Dhabi National Oil, the state oil company known as Adnoc, will increase crude supplies to CNPC to 200,000 barrels a day starting in 2014, the United Arab Emirates’ state news agency WAM reported yesterday.

China’s 2010 crude imports from the U.A.E. totaled 5.29 million metric tons, or about 100,000 barrels a day, according to customs data. Abu Dhabi exports the majority of the U.A.E.’s crude. Some supplies are also shipped from Dubai.

To contact the reporter on this story: Chua Baizhen in Beijing at bchua14@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net.

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