ADNOC,Rongsheng Petrochemicals to partner in downstream and LNG spaces

摘要

The two firms have signed a framework agreement that will see them cooperate in the downstream and LNG spaces.Under the terms of the agreement,Abu Dhabi National Oil Co.(ADNOC)and Rongsheng Petrochemicals Co.will jointly explore opportunities for ADNOC to sell refined products and/or LNG to Rongsheng and downstream investments in both China and the UAE,including ADNOC to supply crude to and to invest in Rongsheng's refinery and petrochemical projects in China.Commenting on the agreement,ADNOC CEO Sultan al Jaber said in a statement"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,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."Li Shuirong,Chairman of Rongsheng Group,added"The strategic cooperation with ADNOC will ensure diat our ZPC project,which will have a refining capacity of up to 1 million barrels per day of crude,has adequate supplies of feedstock."