- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:55 06:09 12:10 15:32 18:06 19:20
The Abu Dhabi National Oil Company, ADNOC, today announced that it has signed an Exclusive Seller Agreement with Xiamen Sinolook Oil Co. Ltd.
This new agreement, which was signed at the 24th World Base Oils and Lubricants Conference in London, appoints Xiamen Sinolook Oil as exclusive seller of ADNOC’s Group III base oil, ADbase, into China, a growing and important market to ADNOC.
ADNOC had previously signed a long-term sales agreement with Xiamen Sinolook Oil for its ADbase product.
ADNOC Refining, an ADNOC subsidiary, currently produces up to 500,000 metric tonnes per year of Group III base oil, at its Ruwais refining complex in the UAE. The Company also produces around 100,000 metric tonnes per year of Group II base oil. ADNOC’s Group III base oil use high paraffin crude oil as feedstock, setting new standards for quality and consistency.
Commenting on signing the agreement, Fatima Al Mutawa ADNOC’s Senior Vice President, Market Research & Production Planning, said, "The signing of this Exclusive Seller Agreement further develops our presence in China and marks another milestone for our premium base oil, ADbase. This exclusive agreement further highlights ADNOC’s long-established reputation for delivering the highest quality products and service to our customers."
Qingchun Lin, General Manager, Xiamen Sinolook Oil, commented, "This Exclusive Seller Agreement builds on five years of importing ADNOC Group III base oils, supplying over 300 end-user customers throughout China. Xiamen Sinolook and ADNOC recognise that the quality and reliability of ADbase, which will play an important role in meeting the growing demand of the Chinese market for high-quality Group III base oils."
The signing of this Agreement follows the signings in 2017 and 2018 of agreements with Penthol C.V., and Chemlube for the supply of ADbase into the United States of America and Europe. ADNOC Distribution is the exclusive seller of ADbase in the GCC.
Xiamen Sinolook is one of China’s biggest importers and distributors of base oils. Demand for base oils has increased year on year, with Asia-Pacific region dominating the global market share, particularly in China which is the world’s largest automotive producer. This demand for engine oil is forecast to rise with the increase in automotive production in the coming years.
Follow Emirates 24|7 on Google News.