DUBAI, Jan 23 (Reuters) - Abu Dhabi National Oil Co said on Tuesday it had signed a three-year agreement with Lotte Chemical Titan, one of the largest polyolefin producers in southeast Asia, to sell the Malaysian firm up to 1 million tonnes of naphtha annually.
“With this agreement we are implementing a new approach toward our sales of naphtha,” said Abdulla Salem al-Dhaheri, ADNOC’s director for marketing, sales and trading.
“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.”
ADNOC produces over 12 million tonnes of naphtha annually. (Reporting by Andrew Torchia)