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Adnoc signs long-term LPG sales deal.

Summary: Chinese company will purchase 1 million metric tonnes of LPG annually

Staff Report

Kou Guangwu and Abdulla Salem Al Dhaheri sign the agreement in Abu Dhabi. (Supplied photo)

Abu Dhabi National Oil Company (Adnoc) said on Saturday it had signed a 10-year agreement with Wanhua Chemical Group under which the Chinese company would purchase 1 million metric tonnes of liquefied petroleum gas (LPG) annually. Adnoc produces up to 10,500,000 metric tonnes per year of LPG which is sold both locally and internationally, it said in a statement. The agreement, which was signed by Abdulla Salem Al Dhaheri, marketing, sales and trading director at Adnoc, and Kou Guangwu, executive vice-president of Wanhua Chemical Group, represents another important milestone in the expanding relationship between Adnoc and its partners and customers in China. "Today's signing, of another important long-term sales agreement with a major end-user of LPG, further reinforces Adnoc's position as a major supplier of crude oil and petroleum products to the growing economies of Asia," Al Dhaheri said. Guangwu said Wanhua Chemical Group is government-owned but also publicly listed on the Shanghai Stock Exchange. "The company has investment grade credit ratings from Moody's, S&P and Fitch Ratings. Wanhua is one of the world's leading chemical companies and the largest user of LPG in China. Through this long-term supply agreement, we look forward to strengthening our strategic partnership with Adnoc," he said. - business@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Date:Nov 10, 2018
Words:252
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