Abu Dhabi National Oil Company (ADNOC) and China National Offshore Oil Corporation (CNOOC) have signed an agreement for collaboration in liquefied natural gas (LNG), as well as upstream and downstream sectors, Reuters reported.

The agreement was signed in the presence of the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Beijing to meet Chinese President Xi Jinping.

This strategic agreement, signed on the sidelines of the UAE-China Economic Forum, aims at enhancing bilateral cooperation in the fields of exploration, development, production, refining, and petrochemicals.

“The future collaboration opportunities agreed today with CNOOC reinforce ADNOC’s strategic approach to partners that offer technology, capital or market access to maximize value from Abu Dhabi’s vast oil and gas resources,” said ADNOC CEO and UAE Minister of State, Sultan Al Jaber.

CNOOC’s engineering arms, Offshore Oil Engineering Company and China Oilfield Services, will be considered for contracts for design, purchase, and construction, as well as oilfield service providers for ADNOC, according to the National.

Meanwhile, ADNOC could invest in CNOOC’s existing refineries and petrochemical facilities in China.

Under the agreement, both companies will share the latest experience in developing ultra-acidic natural gas fields.