China continues to expand its influence in the Middle East through oil and infrastructure deals, and the latest deal with ADNOC is a great example of how Beijing looks to grow its presence in the offshore oil business It is little surprise to see that China – again – figures in yet another concessions award in the Middle East, this time relating to the Abu Dhabi National Oil Company (ADNOC). In the aftermath of Saudi Arabia’s second disastrous oil price war against the U.S. shale sector, virtually all major Middle Eastern state-owned oil firms are looking to plug varyingly significant operational deficits, as are their governments. In the absence of a sudden major spike in oil prices, economic survival in practical terms now comes down to one of two broad options. The first is to sell off chunks of state assets in initial public offerings (IPOs) or stakes in […]