Adnoc Strikes Downstream, LNG Deal with Chinese Firm

UAE national oil company Adnoc has signed a deal with China’s Rongsheng Petrochemicals Co. to explore local and international LNG and downstream opportunities, it said on November 12.

Under a framework accord, the pair will look into options for Adnoc’s supply of refined products and LNG to Rongsheng, as well as downstream investments both in China and the UAE, the Abu Dhabi-based producer said in a statement. Adnoc's majority-owned subsidiary Adnoc LNG controls a 6mn mt/yr LNG terminal at Das Island off the UAE coast.

“This framework agreement builds on the existing crude oil supply relationship between Adnoc and Rongsheng, which we are keen to enhance,” Adnoc CEO Sultan al Jaber 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.”