The Abu Dhabi National Oil Company has​ signed an​ agreement with China’s Wanhua Chemical Group to explore the collaborative development of new opportunities in the downstream sector in the UAE and China. Companies also signed a shipping joint venture agreement building on the 10-year LPG supply contract signed in 2018. Financial terms were not disclosed. The potential total value of the collaboration between ADNOC and Wanhua is estimated to be up to $12bn. Under the terms of the JV Contractual Agreement, Adnoc Logistics and Services, Adnoc L&S, and Wanhua Chemical will establish an​ LPG shipping joint venture. The JV includes the operation of two VLGC vessels (Very Large Gas Carriers vessels). The UAE JV would be focused on producing downstream derivatives, including polyurethanes value chain chemicals at Adnoc’s integrated refining petrochemicals complex in Ruwais, Abu Dhabi. The China JV would focus on exploring investment opportunities for the development and production of petrochemical and derivative products in Yantai, Shandong Province, China. "Planned joint cooperation serves two key strategic objectives for ADNOC. First it demonstrates our ongoing commitment to China, and second, it represents another milestone in our journey to grow and diversify ADNOC’s downstream portfolio and establish Ruwais as a global refining and petrochemicals hub. These are key elements of our downstream expansion strategy that seeks to maximize value from our existing resources and secure more effective market access for our expanding portfolio of products.” Sultan Ahmed Al Jaber, Director-General and CEO.