24-Jul-19, Construction Week Online
The UAE’s Abu Dhabi National Oil Company (Adnoc) has signed a partnership framework agreement (PFA) with China’s Wanhua Chemical Group to explore opportunities in the UAE’s downstream sector – with a focus on Ruwais in Abu Dhabi and Yantai, Shadong in China – and a shipping joint venture agreement, with the total value of their collaboration estimated at $12bn (AED44bn).
%20Construction%20Week%20Online.jpg "UAEs Adnoc China's Wanhua Chemical enter 12bn collaboration (c) Construction Week Online")
Image: Construction Week Online
The JV contractual agreement will see Adnoc Logistics and Services establish an LPG shipping joint venture with Wanhua Chemical. Also included in the JV is the operation of two very-large gas carrier (VLGC) vehicles.