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ADNOC has awarded Zhenhua Oil 4% stakes in its onshore oil concession which was previously owned by CEFC China Energy Co. Ltd. Zhenhua Oil is China’s state owned oil company and is indirectly owned by the Assets Supervision and Administration Commission of the State Council. CEFC bought 4% stakes in onshore oilfields of ADNOC in February 2019 for $900 million.
