Abu Dhabi National Oil Company (Adnoc) said recently 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.
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