ADNOC signs 2 new deals for sale of up to 1.5 MMtpy of naphtha
Abu Dhabi, UAE – The Abu Dhabi National Oil Company (ADNOC) announced that it has signed two new agreements, with Idemitsu Kosan Co. Ltd. of Japan and SCG Chemicals of Thailand, for a combined amount of up to 1.5 million tons of Naphtha per year.
These deals follow the recent announcement from ADNOC that it had signed a similar three-year agreement with Malaysia’s Lotte Chemical Titan (LCT), one of the largest polyolefin producers in South East Asia, for the sale of up to 1 million tons per year of naphtha.
Abdulla Salem Al Dhaheri, Director, Marketing, Sales and Trading at ADNOC, said: “As part of ADNOC’s 2030 growth strategy, we are prioritizing the fast-growing markets of Asia, where the demand for refined and petrochemical products is accelerating. These latest long-term deals, yet again, demonstrate how ADNOC is committed to ensuring reliable and secure access to important refined and petrochemical products, as part of mutually beneficial partnerships that create sustainable value.”
Both sales agreements were concluded during visits by ADNOC’s Marketing, Sales and Trading Directorate to customers in Japan, South Korea
ADNOC produces more than 12.5 million tons per annum of naphtha, which can be used as a feedstock to produce a variety of
As part of its 2030 smart growth strategy, ADNOC is pursuing profitable and integrated Downstream growth to meet the needs of the evolving and expanding market for refined and petrochemical products, particularly in Asia, where the petrochemical market is set to double by 2030. Its Downstream strategy will allow ADNOC to boost margins by introducing asset flexibility and product marketing initiatives.
ADNOC is making significant investments in new downstream projects to grow its refining capability and expand its petrochemical production three-fold to 14.4
ADNOC will be hosting a major Downstream Investment Forum in Abu Dhabi on the 13th and 14th May 2018, where it will unveil more details of its Downstream Strategy, including the new Ruwais industrial hub masterplan.
Idemitsu Kosan produces a variety of basic chemicals, including olefins such as ethylene and propylene, and aromatics like benzene, para-xylene and styrene monomer. It is also a supplier of plastics for uses such as CD pressing and circuit boards.
SCG Chemicals is one of the largest integrated petrochemical companies in Asia. SCG Chemicals manufactures and supplies a full range of petrochemical products ranging from upstream monomers to downstream polymers including polyethylene, polypropylene, polyvinyl chloride, polystyrene
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