Abu Dhabi National Oil Company (ADNOC) on Sunday, January 12th signed agreements with two Indonesian companies.
According to Emirates News Agency (WAM), the agreements were signed by Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO; Nikki Wididawati, President and CEO of Pertamina; and Erwin Ciputra, President and CEO of Chandra Asiri Petrochemical Company.
WAM stated that ADNOC had signed a memorandum of understanding with Pertamina to explore opportunities to convert crude oil to petrochemicals in the Indonesian Balongan, in addition to a sales agreement under which ADNOC would supply 528,000 metric tonnes of liquid petroleum gas (LPG) to the Indonesian company by the end of the year 2020.
As for the agreement that ADNOC signed with Chandra Asiri, it stipulates exploring opportunities to supply crude naphtha to the company's petrochemical complex in the Indonesian city of Cilegon.
The agreements come within the framework of a programme launched by ADNOC to expand its refining and petrochemical business in the context of its integrated 2030 strategy for smart growth, which will lead to secure markets for its basic hydrocarbon products and increase profitability.
In addition to developing and expanding its domestic refining and petrochemical operations, the UAE's company is seeking a number of international investment opportunities that are able to support its growth ambitions in this field, WAM reported.