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Adnoc, Wanhua Chemical form JV to ship LPG feedstock

August 05/2020

MOSCOW (MRC) -- ADNOC Logistics and Services (ADNOC L&S), a subsidiary of the Abu Dhabi National Oil Company (ADNOC) said on Tuesday it had formed a shipping joint venture with Wanhua Chemical Group, reported Reuters.

The new company, AW Shipping Limited, is incorporated in Abu Dhabi Global Market (ADGM), a statement by ADNOC said.

AW Shipping will own and operate a fleet of very large gas carriers (VLGCs) and modern product tankers.

The company will transport liquefied petroleum gas (LPG) cargoes and other petroleum products, sourced from the ADNOC Group and global suppliers, to Wanhua Groups manufacturing bases in China and around the world.

It will also pursue other market opportunities to deliver maximum fleet efficiency, the statement said.

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

As MRC informed earlier, in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for maintenance.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, homopolymer PP, propylene, HDPE, ethylene, gas processing, ADNOC, Yantai Wanhua, China, United Arab Emirates (UAE), Russia.
Category:General News
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