BP is to strengthen its links with China’s CNPC, the country’s state-owned oil group, under an agreement that could see them jointly develop new projects in China and elsewhere.
The co-operation deal, expected to be unveiled next week during president Xi Jinping’s state visit to London, will include a broad commitment to establish new joint ventures, according to industry insiders.
It could pave the way for investment in west Africa, Iraq or other areas of the Middle East, though the collapse in crude prices is likely to make any sizeable spending a more distant prospect. No production targets or investment figures will be announced.
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