ADNOC signs agreements with two Indonesian companies

Oil Markets Going Through Period of Instability, ADNOC

The Abu Dhabi National Oil Company (ADNOC) signed agreements with Indonesia’s Pertamina and Chandra Asri. They are to develop petrochemicals and gas, UAE state news agency WAM reported on Sunday.

ADNOC signed a memorandum of understanding to explore the development of a petrochemicals complex in Balongan, Indonesia.

It also signed a sales agreement which will see ADNOC supply Pertamina with 528,000 million tons of liquefied natural gas (LNG) by the end of 2020.

Chandra Asri also signed an agreement with ADNOC to explore the supply of naphtha to Chandra Asri.

“The agreements will potentially help ADNOC to secure additional in-market presence in one of Southeast Asia’s fastest-growing economies. They will also enable new domestic value-creation opportunities across the hydrocarbon chain, said Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO.