Leading global law firm Herbert Smith Freehills has advised CEFC China Energy Company Limited on its investment in Abu Dhabi's largest oil concession.
CEFC China will take a 4 per cent stake in oil-production joint venture Abu Dhabi Company for Onshore Petroleum Operations (ADCO), which produces around half of Abu Dhabi's daily crude output.
Abu Dhabi National Oil Company awarded the stake to CEFC China in the agreement signed on 20 February 2017.
CEFC China is the latest international investor in Abu Dhabi's onshore concession, joining China National Petroleum Corp (8%), BP (10%), Total (10%), Inpex Corporation (5%), and GS Energy (3%).
"We're delighted to have advised CEFC China on this landmark investment, which increases the international investor base in this crucial Abu Dhabi oil producer to 40%," said partner Monica Sun who led the team advising CEFC China.
CEFC China is a private collective enterprise with energy and financial services as its core business. The company seeks to expand international economic cooperation in the energy sector and to establish a well-organised international investment bank and investment group.
Monica was assisted by senior associate Hao Su, associate Jie Li and paralegal Qiujie Tan in Beijing.
Dubai partner Joanna Addison and senior associate Mark Hatfull provided additional support, while UAE counsel Hadef advised on the laws of Abu Dhabi.