On July 23rd, Wanhua Chemical Group Co., Ltd., Wanrong New Materials (Fujian) Co., Ltd. (hereinafter referred to as "Wanrong New Materials") and Abu Dhabi National Oil Company (ADNOC), Nordic Chemical Company (Borealis) and Borouge (hereinafter referred to as "Investment Consortium") held the signing ceremony of the Project Cooperation Agreement in Beijing.

     Investment Consortium and Wanrong New Materials intend to set up a joint venture company according to 50% of 50% of the shares in Fuzhou City, Fujian Province, and jointly launch a feasibility study on the construction of a set of special polyolefin integration facilities with a production capacity of 1.6 million tons per year (hereinafter referred to as "Special Polyolefin Project") on the premise that the relevant laws and regulations are in line with customary supervision and approval. The specialty polyolefin integration facility will mainly use advanced proprietary Borstar ®technology from Nordic Chemical.

The signing ceremony of   was witnessed by the Minister of Industry and Advanced Technology of the United Arab Emirates, the CEO of ADNOC Group, Dr. Sultan Jabir (Dr. Sultan Ahmed Al Jaber), Chairman of Borouge, Wu Xiande, Mayor of Fuzhou City, and Liao Zengtai, Chairman of Wanhua Chemical Co., Ltd. On behalf of Wanhua Chemical & Wanrong New Materials, Kou Guangwu, President of Wanhua Chemical Group and Chairman of Wanrong New Materials, signed a contract with Hazem Sultan Hazeem Sultan Al Suwaidi, CEO of Bolu Co., Ltd., as a representative of the investment consortium.

Hazeem Sultan Al Suwaidi, CEO of      Bolo, said: "this strategic growth plan builds on the strong economic ties between the United Arab Emirates and China to create value for Bolu shareholders by accelerating our expansion in China, one of the world's major petrochemical markets. The proposed plant depends on the successful completion of the feasibility study and will take advantage of our partners' ability to deploy large amounts of capital, complete infrastructure, world-leading technology, innovation and technological capabilities, as well as an extensive logistics and customer network. We look forward to working with our partners to quickly conduct sustainable feasibility studies to support our commitment to reduce emissions. "

     regarding Wanhua Chemical Fujian Special Polyolefin Joint Venture Project, Kou Guangwu, President of Wanhua Chemical Group, said: "the advanced and proprietary Borstar ®technology of Nordic Chemical Borealis, the cracking process of ethane as feedstock and the coordinated utilization of industrial chain will become the core of the project."

  "Borealis's proprietary Borstar ®technology produces polyolefin products that have a strong comparative competitive advantage."

The   "investment consortium includes Bolo's extensive experience in the production of specialty polyolefins (a variety of feedstock routes, including ethane), and Wanhua's advantages in the ethane supply chain (including ethane raw material costs, terminal resources, VLEC costs, production processes, etc.) constitute an excellent economic basis for joint ventures based on ethane feedstocks."

     "Wanhua has established a comprehensive polyurethane industry chain in Fuzhou, making full use of hydrogen, a byproduct of ethane cracking, and carbon dioxide captured by the polyurethane industry chain through the proposed joint venture project, and further plans to reduce carbon dioxide emissions as a whole through the use of 100% zero-carbon electricity in the joint venture project."

  "is compared with the era of Wanhua internationalization in 2006 when Wanhua began to set up overseas sales companies, and in 2011, Wanhua internationalized 2.0 era marked by the merger and acquisition of BC in Hungary to set up an European base. Fujian joint venture project partners learn from each other, learn from each other, integrate with each other, and on this basis, take business as a link, expand the scope of partners and deepen the level of cooperation. It will once again greatly improve the level of Wanhua chemical internationalization and create Wanhua internationalization 3.0 era. "

At the same time, Kou Guangwu, president of Wanhua Chemical Group & chairman of Wanrong New Materials, signed the "Wanrong New Materials (Fujian) Co., Ltd., AW Shipping 9 VLEC ethane ship Leasing Agreement" on behalf of Wanrong New Materials Company and Abdul Karim Masabi (Abdulkareem Masabi), Chairman of Abu Dhabi National Petroleum Logistics and Service Company (ADNOC L & S) CEO & AW Shipping. AW Shipping ordered 9 VLEC in Jiangnan Shipbuilding Group, then leased them to Wanrong New Materials, and planned to use the above VLEC to meet the capacity needs of Wanhua Chemical's ethane and ethylene procurement, including the Fujian joint venture project.

Captain Abdul Karim Masabi (Abdulkareem Masabi), Chairman of   AW Shipping and CEO of ADNOC L & S, Abu Dhabi National Oil Logistics and Services Corporation, said: "Today we commemorate another important milestone in the strategic partnership as AW Shipping, which set sail five years ago, has grown into a strong and growing fleet of 17 ships. Our strategic partnership with Wanhua Chemical Group is a process of finding solutions and sharing success together, leading to a profitable and sustainable cooperation. The long-term strategic relationship between the United Arab Emirates and China has laid the foundation for this partnership and further strengthened our commitment to a low-carbon future. Through AW Shipping and its partnership with Jiangnan Shipyard, we are building a world-class fleet supported by technical and commercial architecture to meet the growing global demand for clean energy resources. "

Kou Guangwu, president of   Wanhua Chemical Group, said: "We are very pleased to work with our partner ADNOC to choose to order VLEC in China's Jiangnan Shipbuilding Group. This is ADNOC and Wanhua Chemical's recognition of China's high-end equipment manufacturing capability, China's high-end gas ship manufacturing going out, and the basis for further deepening strategic cooperation between Wanhua Chemical and ADNOC." The order of these green and low-carbon ships will help transport carbon reduction, which is a specific commitment of ADNOC and Wanhua Chemical to pay attention to climate change. "

The Fujian joint venture project proposed by      to conduct a feasibility study will aim to pursue excellence in health, safety and environmental sustainability through a low-carbon emission path. Through cooperative growth, sharing and win-win results, through the introduction of special polyolefin technology, the change of production factors, the optimization and improvement of the industrial chain, and the application of clean and low-carbon power, we can form new productivity and achieve high-quality sustainable development. Create a new ecology of Wanhua chemical and petrochemical industry!

    Oumar Suvina Suweidi, Deputy Minister of Industry and Advanced Technology of the United Arab Emirates, Musabah Kaabi, Executive Director of Low-Carbon Solutions and International Growth of Abu Dhabi National Oil Company, Zhu Hanmin, Second-level Inspector of Fuzhou Municipal Government, Xu Jianfeng, Secretary-General of Fuzhou City Government, Li Yong, Director of Petrochemical Business of Wanhua Chemical Group, Nie Cunliang, General Manager of Wanrong New Materials (Fujian) Company, Liang Bin, General Manager of Wanhua Chemical Singapore Company, Deputy General Manager of Wanhua Chemical Fujian Company Wang Liang, Tan Na, Bai Jiang and others attended the signing ceremony. Source: Wanhua Chemical