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Chinese chemical giant Wanhua and ADNOC plan LPG shipping jv

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Leading Chinese chemical industry player Wanhua Chemical Group has signed a Memorandum of Understanding with ADNOC Logistics & Service, a subsidiary of the Abu Dhabi National Oil Company (ADNOC) to jointly develop LPG shipping business.

The two parties are planning to set up a joint venture for owning and operating LPG tankers.

In November 2018, Wanhua and ADNOC entered into a long-term liquefied petroleum gas sales agreement. Under the terms of the 10-year agreement, Wanhua will purchase up to 1m metric tonnes of LPG annually.

In line with its strategy to maximize value from its downstream refining, petrochemical and gas processing operation, ADNOC produces up to 10.5m metric tonnes per year of LPG to be sold locally and internationally.

Wanhua Chemical Group is government owned and public-listed on the Shanghai Stock Exchange. The company is one of the world’s leading chemical companies and the largest user of LPG in China.