Wanhua Chemical Group, a renowned Chinese company engaged in the business of various chemicals and petrochemicals has recently announced a strategic joint venture with maritime logistic and shipping subsidiary (L&S) of ADNOC in Abi Dhabi. The new foundation will be called AW Shipping Limited and will be situated in United Arab Emirates (UAE).
It will incorporate a fleet of enormous gas carries and tankers to source ample amount of petroleum cargoes from ADNOC to the base location of Wanhua Chemical Group in China. The official partnership is built on the back of an LPG contract signed between ADNOC and Wanhua Chemical in 2018 for a span of 10 years.
In support of the venture, ADNOC Group CEO and UAE Minister of Industry and Advanced Technology stated that this strategic venture is a calculated step to diversify ADNOC reach to the across global. Moreover, it is anticipated to deliver tremendous gains for both the organisations, as it will clear all the demand and supply constraints of LPG and other petroleum cargoes between UAE and China.