UAE – Mubasher: The Abu Dhabi National Oil Company (Adnoc) has announced the signing of a broad framework agreement with China’s Rongsheng Petrochemical to explore opportunities for mutual cooperation.
Under the agreement, the two companies will consider investments in the sale of refined products from Adnoc to Rongsheng, along with downstream investment opportunities in both China and the UAE, and the supply and delivery of liquified natural gas to Rongsheng, according to a company statement released on Tuesday.
“This framework agreement builds on the existing crude oil supply relationship between Adnoc and Rongsheng, which we are keen to enhance. The agreement covers domestic and international growth opportunities across a range of sectors,” Adnoc’s group CEO Sultan Al Jaber
The agreement will see Adnoc’s active participation as Rongsheng’s strategic partner in refinery and petrochemical opportunities, including investment in Rongsheng’s downstream complex.
“This Framework Agreement is a key milestone in Rongsheng Petrochemical’s strategic international expansion. ADNOC is an important trading partner, and we are confident of the win-win benefits of this partnership, particularly in realising opportunities in the downstream space in Asia,” Rongsheng’s chairman Li Shuirong commented.
