CNPC buys stake in UAE oil company

Chinese companies have secured a 12 percent stake in Abu Dhabi National Oil Co's onshore oil concession, hoping to further participate in the development of United Arab Emirates' energy sector.

China National Petroleum Corp signed an agreement with the Abu Dhabi oil company on Sunday for an 8 percent stake, paying 6.5 billion dirhams ($1.77 billion), followed by the Shanghai-based CEFC China Energy Co Ltd, which obtained a 4 percent stake.

CNPC and CEFC are the venture's new Asian partners, joining Japanese and South Korean companies alongside BP Plc and Total SA. BP signed on to the project in December, and Total in January 2015.