UAE’s ADNOC signs new long-term agreement for base oil sales into China
Abu Dhabi National Oil Company (ADNOC) concluded a significant long-term sales agreement with the Xiamen Sinolook Oil Co. Ltd., of China, for its high-quality base oil, ADbase, the company said in a statement on Tuesday.
ADNOC Refining, an ADNOC subsidiary, produces up to 500,000 metric tonnes per year of the Group III base oil, at its Ruwais refining and petrochemicals complex.
Murban, Abu Dhabi’s light, high paraffinic crude, is used as feedstock for ADNOC’s Base Oil plant in Ruwais.
Xiamen Sinolook Oil Co. Ltd. is one of China’s biggest importers and distributors of base oils, with a 5 percent share of the 7.17 million tonnes per annum market.
Source: Reuters (Reporting by Dahlia Nehme; Editing by Louise Heavens)