DUBAI, March 13 (Bernama) -- The United Arab Emirates (UAE) has denied granting a concession to Qatar over the operation of a shared offshore oil field, China's Xinhua news agency reported on Tuesday.
State news agency WAM quoted an official source from the UAE Supreme Petroleum Council as saying that Qatar Petroleum signed a deal with Abu Dhabi to operate the strategic Bunduq oil field.
"It has been operated via a concession with a Japanese consortium for over four decades. Both governments recently extended the concession to the Japanese consortium with no direct communication between them.
"There is no commercial or trade relations established between the UAE and Qatar in the extension of this concession," the source added.
Abu Dhabi, the capital of the UAE, sits on about seven per cent of the world's known oil reserves.....