On June 25th, Wang Yuetao, Chairman of ZhenHua Oil Company, met with Dr. Sultan, CEO of Abu Dhabi National Oil Company (ADNOC) in Beijing. Both of them conducted in-depth exchanges on the current international situation and various cooperation topics between two companies. Simultaneously, they also jointly witnessed the signing of a Memorandum of Understanding (MOU).
Wang Yuetao firstly reviewed the major cooperation achievements recently between the two companies and expressed sincere gratitude to Dr. Sultan for his strong support. He emphasized that since the two companies finalized the intention to expand long-term crude oil trade cooperation in April, ADNOC has efficiently promoted the implementation, which is strongly supportive of the development of ZhenHua Oil's trading business. ZhenHua Oil will also stand by its commitments to enhance the influence of UAE crude oil and provide help to bring more high-quality energy resources from UAE into Chinese market. Wang Yuetao pointed out that ZhenHua Oil promptly organized a team with strong technical capabilities and international competence after it was officially assigned as the asset leader of Bu Hasa Asset. The team has implemented many in-depth technical exchanges with relevant departments of ADNOC and achieved some phased results toward the objectives so far.
Dr. Sultan emphasized that ADNOC’ s establishing an office in Beijing is driven by great confidence in the Chinese market. He expressed the expectation of further deepening cooperation with ZhenHua Oil and exploring more investment opportunities. The signing of this MOU, which is against the backdrop of the full industrial chain cooperation between the two companies, will further promote in-depth cooperation in knowledge sharing and technology transfer. While expanding ADNOC's supplier and contractor network to bolster the development of upstream businesses, it will also help to accelerate the indigenization of manufacturing industries in the UAE. Taking this opportunity, ADNOC will also take its office in China as a platform to cultivate outstanding international and young talents, share standards and experiences from China and other regions, help improve Abu Dhabi Global Practices and Standards (AGPS), promote the collaboration of industrial chain, and explore more strategic business opportunities.
Wang Yuetao also stated that the MOU is not just a mere formality, but a solemn commitment for both sides to jointly achieve brilliance. ZhenHua Oil will do the best to promote the cooperation in the full industrial chain between the two companies. Simultaneously, and will take the opportunity of being the asset leader as a platform to explore diversified talent training patterns and build a bridge for Sino-UAE talent training cooperation. Currently, more than eight young employees from ADNOC have been scheduled to pursue EMBA and master's degrees at Tsinghua University and China University of Petroleum (Beijing) from September this year. Going forward, ZhenHua Oil will invite the secondees from ADNOC to work at the company and organize team visits to ZhenHua Oil. While facilitating cultural and technical exchanges between the two countries, this will inject more youthful vitality into the win-win cooperation between both parties.
Dr. Sultan also specifically expressed his gratitude to ZhenHua Oil for its consistent attention to the growth of young talents in the UAE.