The Abu Dhabi National Oil Company (ADNOC) has signed a broad framework agreement with China’s Rongsheng Petrochemical to explore domestic and international growth opportunities which will support the delivery of its 2030 smart growth strategy
The agreement will see both companies explore opportunities in the sale of refined products from ADNOC to Rongsheng, downstream investment opportunities in both China and the UAE, and the supply and delivery of LNG to Rongsheng.
Under the terms of the agreement, ADNOC and Rongsheng will explore opportunities for increasing the volume and variety of refined products sales to Rongsheng as well as ADNOC’s active participation as Rongsheng’s strategic partner in refinery and petrochemical opportunities, including investment in Rongsheng’s downstream complex.
In return, Rongsheng will also explore potential investments in ADNOC’s downstream industrial ecosystem in Ruwais, including the proposed Gasoline Aromatics Plant, GAP, and the potential for ADNOC to supply and deliver LNG for utilisation by Rongsheng within its production complexes in China.
Sultan Al Jaber, minister of State and ADNOC Group CEO, said, “The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new markets for our growing portfolio of products and attract investment to support our downstream and gas expansion plans.”
“As we continue to successfully deliver our 2030 smart growth strategy, we are committed to working with partners who enable us to unlock and maximise value and help us secure access to new centres of global demand,” he added.
The framework agreement supports ADNOC’s downstream expansion plans, which will see it create an integrated refining and petrochemicals complex in Ruwais while pursuing integrated margins for its own hydrocarbons with in-market investments.
In addition, the agreement also builds on ADNOC’s integrated gas strategy, which is enabling it to seize incremental LNG growth opportunities globally.
