China's Xiamen Sinolook Now Exclusive Seller Of ADNOC’s ADbase
Muhammad Irfan Published February 19, 2020 | 02:30 PM
LONDON, (UrduPoint / Pakistan Point News / WAM - 19th Feb, 2020) 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.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago