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ADNOC & China's Wanhua Chemical Sign Deal Potentially worth $12 Billion

Source: Reuters 7/23/2019, Location: Middle East

The Abu Dhabi National Oil Company (ADNOC) has signed a partnership framework deal worth up to $12 billion with China’s Wanhua Chemical Group for collaboration in the downstream sector, ADNOC said on Tuesday.

Downstream operations in the oil industry include refining, sales and shipping.

The agreement was signed during a three-day state visit to China by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

ADNOC and Wanhua Chemical also signed a shipping joint venture agreement building on a 10-year LPG supply contract signed in November 2018, according to the statement.

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