Qatar Petroleum (QP) announced the signing of an agreement with Wanhua Chemical Group (Wanhua) for the sale of approximately 800,000 metric tonnes per year of Liquefied Petroleum Gas (LPG) over a period of ten years.
Wanhua, a petrochemical producer based in Yantai in the Shandong province of North East China, signed the agreement, which commences in January 2020, with Qatar Petroleum for Sale of Petroleum Products Company Ltd (QPSPP).
This agreement reflects our marketing strategy to increase direct sales of petroleum products with end-users, specifically in China. The Chinese LPG market continues to enjoy steady growth, and remains an important destination to Qatari energy exports. We look forward to further cementing our position in China’s energy markets in general and the LPG markets in particular.’
The minister added that closing the deal with Wanhua enhances their relationship, which has been steadily building over the past years.
Wanhua is growing into one of the most important players in the LPG industry and we are proud to be associated with them through this opportunity.’
Kou Guangwu, Group CEO of Wanhua Chemical, expressed similar sentiments.
Wanhua, as a government-owned company and world leading chemical producer, will continue to work closely with QP to explore more opportunities to serve the One Belt One Road strategy.
Wanhua Chemical Group is one of the largest Polyurethane producers in the world, and one of China’s largest users and importers of LPG. The company owns and operates a state-of-the-art LPG receiving terminal and storage at its port in Yantai, and utilises significant volumes of LPG in its fully integrated petrochemical complex, which includes the world’s largest PDH and Butane isomerisation operations.
Meeting with Philippine Secretary of Energy
The minister also met with the visiting Philippine Secretary of Energy, HE Alfonso Gaba Cusi and his delegation, who are now on an official visit to Qatar. The talk was also attended by Reuben Lista, President and CEO of the Philippine National Oil Company, and covered bilateral cooperation in the energy field and ways of enhancing it.
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