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Up to $12 Billion Potential Collaboration between UAE’s ADNOC and Wanhua

FILE PHOTO: Staff are seen at the Panorama Digital Command Center at the ADNOC headquarters in Abu Dhabi, UAE May 12, 2018. REUTERS/Satish Kumar/File Photo
FILE PHOTO: Staff are seen at the Panorama Digital Command Center at the ADNOC headquarters in Abu Dhabi, UAE May 12, 2018. REUTERS/Satish Kumar/File Photo
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Up to $12 Billion Potential Collaboration between UAE’s ADNOC and Wanhua

FILE PHOTO: Staff are seen at the Panorama Digital Command Center at the ADNOC headquarters in Abu Dhabi, UAE May 12, 2018. REUTERS/Satish Kumar/File Photo
FILE PHOTO: Staff are seen at the Panorama Digital Command Center at the ADNOC headquarters in Abu Dhabi, UAE May 12, 2018. REUTERS/Satish Kumar/File Photo

The Abu Dhabi National Oil Company, ADNOC, signed on Tuesday, a Partnership Framework Agreement with Wanhua Chemical Group Co., Ltd.,Wanhua Chemical, to explore the collaborative development of new opportunities in the downstream sector in the United Arab Emirates and China.

ADNOC and Wanhua Chemical also signed a shipping Joint Venture,JV, agreement building on the 10-year LPG supply contract signed in November 2018.

The potential total value of the collaboration between ADNOC and Wanhua is estimated to be up to $12 billion, further solidifying the strong business and investment ties between the companies, but also reflecting the strong partnership across the energy sector between the two countries.

The Agreements with Wanhua Chemical were signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Zengtai Liao, Chairman of Wanhua Chemical Group.

Dr. Al Jaber said: "The bilateral nature of our planned joint cooperation into both the UAE and China is unique, as it will allow the combined platforms to benefit from ADNOC’s competitive feedstock availability in Abu Dhabi, as well as capture the promising growth opportunities in China."

Under the terms of the JV Contractual Agreement, ADNOC Logistics and Services, ADNOC L&S, and Wanhua Chemical will establish a LPG Shipping Joint Venture, building on the existing 10-year LPG supply contract, which was signed in Shanghai, China, in November 2018. The JV includes the operation of two VLGC vessels,Very Large Gas Carriers vessels. Both companies will optimize their respective supply programs and maximize value through the operation and management of these vessels. Through the JV, ADNOC will maximize the value of its LPG portfolio.

In an additional Partnership Framework Agreement, ADNOC and Wanhua Chemical have agreed to explore and develop JV opportunities in both the UAE and in China. The UAE JV would be focused on producing downstream derivatives, including polyurethanes value chain chemicals at ADNOC’s integrated refining petrochemicals complex in Ruwais, Abu Dhabi. The China JV would focus on exploring investment opportunities for the development and production of petrochemical and derivative products in Yantai, Shandong Province, China. These JVs will yield increased feedstock supplies from ADNOC to Wanhua and further strengthen the existing long-term relationship between both companies. The opportunities will allow ADNOC and Wanhua Chemicals to combine and leverage their market leadership and expertise in technology, marketing and competitive feedstocks.

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Asian Shares, US Futures Gain as Investors Resume Buying Despite Uncertainty over Tariffs 

Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
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Asian Shares, US Futures Gain as Investors Resume Buying Despite Uncertainty over Tariffs 

Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)

Asian markets advanced on Tuesday, with Japan’s Nikkei 225 share benchmark initially shooting up more than 6% after it fell nearly 8% a day earlier.

Markets in Thailand and Indonesia tumbled, however, as they reopened after holidays. Trading was suspended briefly in Jakarta when the JSX index fell more than 9%. It was down 7.5% by midday. Thailand's SET lost 5.7%.

In Taiwan, the Taiex lost 4.4%, pulled lower by losses for Taiwan Semiconductor Manufacturing Corp., or TSMC, the world's largest computer chip maker. Its shares fell 4% on Tuesday and are down 13.5% since Trump announced his “Liberation Day” tariffs on April 2.

The rebound for most other regional markets followed a wild day on Wall Street, where stocks careened after President Donald Trump threatened to crank his double-digit tariffs higher.

Early Tuesday, China's Commerce Ministry said it would “fight to the end” and take unspecified countermeasures against the United States to safeguard its own interests after Trump threatened an additional 50% tariff on Chinese imports.

By early afternoon Tokyo time, the Nikkei 225 was up 5% at 32,691.34.

Hong Kong also recovered some lost ground, but not anything close to the 13.2% dive Monday that gave the Hang Seng its worst day since 1997, during the Asian financial crisis.

The Hang Seng gained 1.6% to 20,140.78, while the Shanghai Composite index jumped 0.9% to 3,124.77.

South Korea’s Kospi edged 0.1% higher to 2,331.80, while the S&P/ASX 200 climbed 1.7% to 7,471.10.

Markets in New Zealand and Australia also were higher.

On Monday, the S&P 500 sagged 0.2% as shell-shocked investors watched to see what Trump will do next in his trade war. If other countries agree to trade deals, he could lower his tariffs and avoid a possible recession. But if he sticks with tariffs for the long haul, stock prices may fall further.

The Dow Jones Industrial Average fell 349 points, or 0.9%, and the Nasdaq composite edged up by 0.1%.

All three indexes started the day sharply lower, and the Dow plunged as many as 1,700 points following even worse losses elsewhere in the world. But it suddenly surged to a gain of nearly 900 points in the late morning. The S&P 500, meanwhile, went from a loss of 4.7% to a leap of 3.4%, which would have been its biggest jump in years.

The spike followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” That a rumor could move trillions of dollars’ worth of investments shows how much investors are hoping to see signs that Trump may let up on tariffs.

Stocks quickly turned lower. Shortly afterward, Trump dug in further and said he may raise tariffs more against China after the world’s second-largest economy retaliated last week with its own set of tariffs on US products.

Trump’s tariffs are an attack on the globalization that’s shaped today's world economy and helped bring down prices but also caused manufacturing jobs to leave for other countries.

He has said he wants to bring factory jobs back to the United States, a process that could take years. Trump also says he wants to narrow trade deficits with other countries, but it's unclear how much room for negotiation there is on the US side or among its trading partners.

Indexes swung between losses and gains Monday, partly because investors are still hoping negotiations may forestall actual implementation of the stiff duties on all imports.

All that seemed certain Monday was the financial pain hammering investments around the world.

Oil has also fallen, hurt by worries that a global economy weakened by trade barriers will burn less fuel. A barrel of benchmark US crude oil dipped below $60 on Monday for the first time since 2021. Early Tuesday, it was up 90 cents at $61.60 per barrel.

Brent crude, the international standard, gained 89 cents to $65.10 per barrel.

In currency trading, the US dollar fell to 147.78 Japanese yen from 147.85 yen. The euro fell to $1.0976 from $1.0905.

The price of gold rose $32 to about $3,006.00 an ounce.

Bitcoin gained 4.1% to $80,130.00. On Monday it sank below $79,000, down from its record above $100,000 set in January.