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    600309   CNE0000016J9

WANHUA CHEMICAL GROUP CO., LTD.

(600309)
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Wanhua Chemical : ADNOC L&S and Wanhua Chemical Group form Strategic Shipping Joint Venture

08/05/2020 | 10:29am EDT

ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics subsidiary of the Abu Dhabi National Oil Company (ADNOC), announced today the formation of a new strategic joint venture (JV) with Wanhua Chemical Group (Wanhua).

The new company named AW Shipping Limited is incorporated in Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE).

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

H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: 'We are very pleased to establish this strategic joint venture with Wanhua Chemical Group. This creative win-win partnership strengthens our growing relationship and will deliver greater value and efficiency for both our organizations. Importantly, the JV further solidifies ADNOC L&S' position as the largest, fully integrated logistics and shipping company in the UAE and paves the way for the transportation of greater LPG volumes to China, in line with market demand.

The establishment of AW Shipping supports ADNOC's smart growth and value creation strategy and is another example of how ADNOC is stretching the margin from every molecule that we produce, refine, ship and sell, while also forging stronger partnerships in key growth markets.'

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

ADNOC L&S is a crucial enabler in the ADNOC value chain, delivering oil, gas, and petroleum products to customers across the world. It owns and operates the UAE's largest shipping fleet, which it expects to grow further in the coming years as ADNOC increases its upstream and downstream production capacity, and enters into trading.

Mr. Liao Zengtai, Chairman of Wanhua Chemical Group, said: 'We are very glad that joint venture has been established with the concerted efforts of both parties. The new company will strengthen the strategic cooperation between ADNOC and Wanhua and will also ensure the stable supply of LPG cargoes and other petroleum products for Wanhua system. More importantly, the cooperation will make contribution to the 'One Belt, One Road' project.'

ADNOC L&S was formed in late 2016 from three ADNOC subsidiaries, ADNATCO, IRSHAD, and ESNAAD. The integration created synergies between shipping, marine services, offshore logistics, and onshore logistics to create the largest integrated shipping and maritime logistics company in the GCC. ADNOC L&S provides safe, reliable and cost-competitive maritime and logistic solutions to ADNOC Group companies and to more than 100 global customers.

The company creates value for its customers and partners through four major activities; firstly, shipping activities, either with its own vessels or via chartering, which includes crude and refined products, dry bulk, and LNG transport. Secondly, marine service activities which comprise petroleum port operations, diving, and oil spill response. Thirdly, offshore logistics activities that include offshore support vessels and an integrated logistics base in Mussafah, Abu Dhabi, one of the largest in the region. Finally, onshore activities which consist of a marine passenger terminal and a container terminal.

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 (MDI) a key ingredient in the manufacture of high-performance adhesives and synthetic fibers, which go into a wide range of industries.

About ADNOC

ADNOC is one of the world's leading diversified energy and petrochemicals groups. With 14 specialist subsidiary and joint venture companies, ADNOC is a primary catalyst for the UAE's growth and diversification.

About ADNOC Logistics & Services

ADNOC Logistics & Services is a fully integrated commercial shipping and maritime logistics company that utilizes the latest technology and leverages strategic partnerships to provide a reliable, cost-effective, and efficient service to its customers. It is owned by the Abu Dhabi National Oil Company (ADNOC) and has more than 40 years of experience and assets from shipping, offshore and onshore services.

Contact:

Tel: +971 2 7070000

(C) 2020 Electronic News Publishing, source ENP Newswire

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Sales 2021 124 B 19 161 M 19 161 M
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Capitalization 377 B 58 301 M 58 301 M
EV / Sales 2021 3,24x
EV / Sales 2022 3,07x
Nbr of Employees 17 581
Free-Float 44,0%
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