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UAE and China sign MoU

posted on 14/06/2005: 697 views

The UAE and China signed a Memorandum of Understanding here Monday, aimed at bolstering bilateral relations in the energy and oil sector. The signing ceremony was attended by Sheikh Hamdan bin Zayed Al Nahyan, Deputy Prime Minister and Minister of State for Foreign Affairs and Zeng Peiyan, Vice Premier of State Council.

The MoU was signed by Yousif Omeir bin Yousif, CEO of ADNOC and Chen Geng, Vice President of China National Petroleum Corporation (CNPC). "The visit of the Chinese delegation to the UAE will boost political, economic and commercial relations between the two countries. It is also an opportunity to discuss cooperation in areas of security, policing and culture” said Sheikh Hamdan.

"The shift by China from exporter to consumer market provides an opportunity for the UAE to sharpen its competitive edge and increase its share in this market. The UAE is evaluating export opportunities to this huge market which will turn into the world's largest energy consumer market within the next few years” said Sheikh Hamdan.

He added that the UAE is ready to meet China's demand for oil and gas and further expressed the hope that Chinese companies would acquire a fair share in the mega oil and energy projects in the UAE.

"The Middle East market is small for China when compared to the volume of consumption in the region. Nevertheless, the UAE stands a better opportunity of becoming an important trade and economic partner. We can be pivotal in re-exporting Chinese goods to European countries” said Sheikh Hamdan.

The MoU signing was also attended by Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Economy and Planning Department, Sheikh Fahim Al Qasimi, Minister for Supreme Council and GCC Affairs, Dhaen Al Hamli, Minister of Energy in addition to other officials. (The Emirates News Agency, WAM)


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