ADNOC, China’s Wanhua Chemical Sign Potential USD 12 Billion Shipping JV

The Abu Dhabi National Oil Company (ADNOC) and China’s Wanhua Chemical have signed a partnership framework agreement and JV agreement that has a potential worth of USD 12 billion.

The agreement will entail cooperation in the downstream sector, including in the field of LPG shipping.

The shipping JV will cover the operation of two very large gas carriers, according to a Reuters report. The deal builds on an earlier LPG JV the two sides signed in February this year.

As explained by ADNOC at the time, the agreement is part of ADNOC’s ‘2030 smart growth strategy’, through which it would increase its oil production capacity to 4 million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030.

Wanhua Chemical is a global polyurethanes producer with five manufacturing bases worldwide.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >