Chinese state firm Zhenhua has been expanding its Middle East presence of late, but until now lacked a centerpiece asset. Capitalizing on the troubles faced by private Chinese firm CEFC, Zhenhua this week swooped to pick up the firm’s 4% stake in the 1.8mn b/d capacity Adnoc Onshore concession.

Adnoc Onshore immediately becomes the crown jewels of Zhenhua’s portfolio, through its North Petroleum International subsidiary (also known as Zhenhua Oil). None of the parties involved...