Wanhua Chemical Group is the leading Chinese chemical industry player in China.
Memorandum of Understanding with ADNOC Logistics & Service targeted at the developing of 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.
The strategy of the line 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.
