Abu Dhabi National Oil Company (ADNOC) said on Wednesday that it has signed two new agreements, with Idemitsu Kosan Co. Ltd. of Japan and SCG Chemicals of Thailand, for the delivery of a combined amount of up to 1.5 million tons of naphtha per year.
These two deals follow the recent announcement from ADNOC that it had signed a similar three-year agreement with Malaysia's Lotte Chemical Titan (LCT), one of the largest polyolefin producers in South East Asia, for the sale of up to 1 million tons per year of naphtha.
Abu Dhabi government-controlled ADNOC produces more than 12.5 million tons per annum of naphtha, which can be used as a feedstock to produce a variety of petrochemical based products, including plastics.
Abu Dhabi, the capital of the United Arab Emirates, harbours approximately 7 percent of the world's known oil reserves. Ninety percent of the UAE oil is located onshore and offshore in Abu Dhabi.
Editor:Amber
