Qatar Petroleum (QP) has announced the signing of a 10-year liquefied petroleum gas (LPG) with Wanhua Chemical Group (Wanhua), Reuters reported.
The agreement is for the sale of approximately 800,000 metric tons per year of LPG, commencing in January 2020.
H. E. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and the President and CEO of QP, welcomed the signing saying, “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.”
Kou Guangwu, Group CEO of Wanhua Chemical, expressed similar sentiments stating, “This new agreement with QP is a further proof of how Wanhua is creating a long-term and mutually beneficial partnerships with our strategic supplier.”
Wanhua, a petrochemical producer headquartered in Yantai in the Shandong province of North East China, is one of the world’s largest polyurethane producers and one of China’s largest users and importers of LPG.