Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) on Tuesday signed an agreement with Malaysia’s Lotte Chemical Titan (LCT) to sell one million tonnes per year of naphtha to latter over the next three years.
“Switching to a three-year contract is another example of how ADNOC is committed to mutually beneficial partnerships that create sustainable value for everyone involved,” said Abdulla Salem Al Dhaheri, ADNOC’s marketing, sales, and trading director.
The Abu Dhabi-based company produces more than 12 million tonnes of naphtha annually, which can be used as a feedstock to produce a variety of petrochemical-based products.
“Demand for petrochemicals in South East Asia is expanding steadily and this three-year agreement with ADNOC will ensure the security of naphtha supply, enabling us to expand and diversify our product portfolio and enhance our competitiveness,” Lee Dong Woo, LCT’s President and CEO, commented.
The company did not reveal any details on the deal's value.
