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Adnoc inks $12bn deal with China’s Wanhua Chemical

Adnoc inks $12bn deal with China’s Wanhua Chemical
Companies also signed a shipping JV agreement

UAE – Mubasher: The Abu Dhabi National Oil Company (Adnoc) has signed a $12 billion partnership framework deal with China’s Wanhua Chemical Group for collaboration in the downstream sector.

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

Both companies also signed a shipping joint venture agreement based on a 10-year liquefied petroleum gas (LPG) supply contract signed in November 2018.

“Under the shipping joint venture, ADNOC Logistics & Services and Wanhua Chemical will establish a partnership for LPG transportation including the operation of two VLGCs, or Very Large Gas Carriers,” Reuters reported.

In a related vein, Adnoc awarded a number of front-end engineering design contracts to the Middle Eastern arm of Germany-based consulting and engineering firm Bilfinger, AlKhaleej Newspaper reported.