ADNOC signs a long-term agreement to sell 1 million tons of NAFTA annually

Media In – Abu Dhabi January 23, 2018 and WAM
Abu Dhabi National Oil Company (ADNOC) today signed an agreement with Malaysia’s Lotti Chemical Titan, under which ADNOC will sell one million tons of NAFTA per year to the Malaysian company over the next three years.
Abdulla Salem Al Dhaheri, Director of Marketing and Trade, ADNOC, said: “This agreement is in line with ADNOC’s new strategy to sell its NAFTA product. In the past, we have been selling our products on short-term contracts for a period of three years. In addition, this agreement provides an example of ADNOC’s commitment to building productive partnerships that deliver sustainable and mutually beneficial benefits to all parties.
ADNOC produces more than 12 million tons per year of naphtha which is used as a feedstock for the production of a number of petrochemical products including plastics. Naphtha is converted into olefins and then converted to polyolefin resins. Finished products manufactured from NAFTA derivatives The number of daily applications ranging from cars, durable goods, plastic detergents, packing of dairy products and food packaging.