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ADNOC L&S & Wanhua Chemical Group Form Strategic Shipping Joint Venture

Logistic News - Published on Thu, 13 Aug 2020

Image Source: ADNOC Wanhua Chemical Logistics
Shipping and maritime logistics subsidiary of the Abu Dhabi National Oil Company ADNOC Logistics & Services announced the formation of a new strategic joint venture with Wanhua Chemical Group. The new company named AW Shipping Limited is incorporated in Abu Dhabi Global Market in the United Arab Emirates. This strategic JV agreement further strengthens the collaboration between ADNOC and Chinese companies and builds on the deep-rooted bilateral relations between China and the UAE. The JV underscores ADNOC’s focus on value-creating deals and will support the delivery of its 2030 smart growth strategy.

AW Shipping Limited will own and operate a fleet of very large gas carriers and modern product tankers. The company will be responsible for transporting LPG cargoes and other petroleum products, sourced from the ADNOC Group and global suppliers, to Wanhua Group’s manufacturing bases in China and around the world. To deliver maximum fleet efficiency, the company may also pursue other market opportunities.

The formation of AW Shipping follows a 10-year liquefied petroleum gas supply contract signed between ADNOC and Wanhua in November 2018.

Last year, ADNOC L&S transported over 20 million metric tonnes of various oil & gas products and dry bulk commodities.

Wanhua Group is one of the world's leading producers for methylene diphenyl diisocyanate a key ingredient in the manufacture of high-performance adhesives and synthetic fibers, which go into a wide range of industries.

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Posted By : Yogender Pancholi on Thu, 13 Aug 2020
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