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DUBAI- Abu Dhabi National Oil Co said on Tuesday it had signed a three-year agreement with Lotte Chemical Titan , one of the largest polyolefin producers in southeast Asia, to sell the Malaysian firm up to 1 million tonnes of naphtha annually.
"With this agreement we are implementing a new approach toward our sales of naphtha," said Abdulla Salem al-Dhaheri, ADNOC's director for marketing, sales and trading.
"Previously we have sold the product on shorter-term, one-year contracts. By switching to a three-year contract we are capturing long-term market access and securing offtake."
ADNOC produces over 12 million tonnes of naphtha annually.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
"With this agreement we are implementing a new approach toward our sales of naphtha," said Abdulla Salem al-Dhaheri, ADNOC's director for marketing, sales and trading.
"Previously we have sold the product on shorter-term, one-year contracts. By switching to a three-year contract we are capturing long-term market access and securing offtake."
ADNOC produces over 12 million tonnes of naphtha annually.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
