ADNOC wins Malaysia naphtha contract
Abu Dhabi 
ABU DHABI, January 24, 2018 – Abu Dhabi National Oil Company (ADNOC) has entered into a three-year naphtha supply deal with Malaysia’s Lotte Chemical Titan, the Abu Dhabi NOC announced on Tuesday.
The deal will cover as much as 1 million tpy of naphtha. ADNOC produces more than 12 million tpy.
“With this agreement we are implementing a new approach toward our sales of naphtha,” Abdulla Salem Al Dhaheri, director of marketing, sales and trading at ADNOC said in a statement.
“Previously we have sold the product on shorter term, one-year contracts. By switching to a three-year contract we are capturing long-term market access and securing offtake. It is another example of how ADNOC is committed to mutually beneficial partnerships that create sustainable value for everyone involved.”
Lotte Chemical is a major regional polyolefin producer. Its president and CEO, Lee Dong Woo, also commented on the deal: “Demand for petrochemicals in South East Asia is expanding steadily and this three-year agreement with ADNOC will ensure security of naphtha supply, enabling us to expand and diversify our product portfolio and diversify our product portfolio.”
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