11 11 2018
Abu Dhabi's National Abu Dhabi Oil Corporation (ADNOC) announced yesterday that it has signed a new long-term deal with the Chinese chemical group Anhua, according to which the latter will buy up to 1 million tonnes of ADNOC liquefied petroleum (LPG) over the next 10 years.
The agreement was signed by ADNOC's Marketing and Trade Director Abdulla Al Dhaheri and Ku Guanju, Executive Vice President of China's Anhui Chemical Industries Group.
The agreement is an important development that will help expand the cooperative relationship between ADNOC and its partners and customers in China.
Abdullah Al-Dahrari said: "The conclusion of this new long-term gas supply agreement for a major user will further strengthen ADNOC's position as a major supplier of crude oil and petroleum products to the emerging Asian economies.
The agreement is in line with ADNOC's commitment to achieving the best commercial value of its products and helping to expand its customer base to reach new markets through short and long-term sales and business opportunities. "
In line with the smart growth strategy of 2030, which focuses on enhancing value through enlargement in the field of refining, petrochemistry and gas processing, ADNOC produces about 10,500,000 metric tons of LPG each year, is marketed and sold locally and globally.
"We are one of the leading chemical companies in the world and the largest LPG user in China. Through this agreement, we look forward to strengthening our strategic partnership with ADNOC, and continue to explore areas of possible cooperation between our companies, both in China and the UAE, to get more value from the One Way One Belt initiative.
China's Anhui Chemical Industries Group, a state-owned company, is also listed on the Shanghai stock exchange.
The company has strong credit ratings from Moody & S & P and Fitch Ratings.
The group is the largest producer of biphenylene methylene dicyanate and the largest supplier of TDI in Europe, while it also has a number of world-class C3 / C4 petrochemical units in China, a series of petrochemical complexes and factories in China. China, Europe and the United States.
Liquefied Petroleum Gas (LPG) is the main raw material used by Andhwa's petrochemical plants, where demand for LPG is expected to increase to 6 million tonnes per year by 2021.
The Group also has the largest LPG storage facility in the world with a total storage capacity of 1.2 million tons.
Over the past 14 years, more partnerships have been established between the People's Republic of China and the UAE in the energy sector.
ADNOC focuses on expanding markets in China and Asia, while demand for petrochemical and plastic products, including some lightweight plastic parts used in automotive, pipe and insulating materials, will double in Asia by 2040.
China is the largest export market for Borouge.
© Declaration 2018