China is the next in line to take a stake in license areas off the coast of the United Arab Emirates, following European companies into the region. File photo by A.J. Sisco/UPI March 21 (UPI) — A state-owned oil company in the United Arab Emirates continued to hand out stakes in offshore production areas, this time to Chinese partners. The Abu Dhabi National Oil Co. said Wednesday it awarded a 10 percent stake in the Lower Zakum concession and Umm Shaif/Nasr concession to China National Petroleum Corp., the third-largest oil company in the world. CNPC paid a total of $1.1 billion to enter the license areas. “CNPC’s involvement in our offshore concession areas will help to maximize the returns from what are very attractive, stable and long-term opportunities,” ADNOC CEO Ahmed al-Jaber said in a statement . The Chinese deal came just days after French supermajor Total signed two […]