H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: “We are very pleased to establish this strategic joint venture with Wanhua Chemical Group.
“Importantly, the JV further solidifies ADNOC L&S’ position as the largest, fully integrated logistics and shipping company in the UAE and paves the way for the transportation of greater LPG volumes to China, in line with market demand.”
The formation of AW Shipping follows a 10-year liquefied petroleum gas (LPG) supply contract signed between ADNOC and Wanhua in November 2018.
ADNOC and ADQ Form Joint Venture to Catalyze the UAE Chemicals Sector
ADNOC L&S is a crucial enabler in the ADNOC value chain, delivering oil, gas, and petroleum products to customers across the world.
It owns and operates the UAE’s largest shipping fleet, which it expects to grow further in the coming years as ADNOC increases its upstream and downstream production capacity, and enters into trading.
Mr. Liao Zengtai, Chairman of Wanhua Chemical Group, said: “The cooperation will make contribution to the “One Belt, One Road” project.”
ADNOC L&S was formed in late 2016 from three ADNOC subsidiaries, ADNATCO, IRSHAD, and ESNAAD. Last year, ADNOC L&S transported over 20 million metric tonnes of various oil & gas products and dry bulk commodities.
Wanhua Group is one of the world’s leading producers for methylene diphenyl diisocyanate (MDI) a key ingredient in the manufacture of high-performance adhesives and synthetic fibers, which go into a wide range of industries.
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