News Post
ADNOC and Wanhua Chemical sign deal potentially worth $12B
Abu Dhabi National Oil Company will form a shipping joint venture with China's Wanhua Chemical in the liquefied petroleum gas sector as they look to explore downstream opportunities in both countries, estimated to be worth $12 billion.
The agreement was signed during a three-day state visit to China by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.
In Nov 2018, ADNOC and Wanhua Chemical also signed a shipping joint venture agreement building on a 10-year LPG supply contract, which will include the operation of two Very Large Gas Carrier vessels.
The two companies have also agreed to explore and develop joint venture opportunities in both countries, with the UAE partnership focusing on producing downstream derivatives, or those relating to refined oil products. In China, it will explore opportunities for the development of petrochemicals and derivatives in Yantai, Shandong province.
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