UAE firm in deal to supply naptha to Lotte Chemical Titan

Lotte Chemical Titan Holding Bhd’s wholly owned subsidiary Lotte Chemical Titan Sdn Bhd has entered into a three-year sales contract with United Arab Emirates-based Abu Dhabi National Oil Co  for the supply of refined products and paraffinic naphtha.

The group announced in a stock exchange filing that the contract runs from Jan 1, 2018 to Dec 31, 2020.

Pricing of the supplies will be based on the market price of the commodity during the loading month. The estimated quantity is between 600,000 tonnes and 1 million tonnes a year.

ADNOC is a major feedstock supplier of naphtha to Lotte and had previously supplied the commodity in a one-year contract.

Lotte’s shares gained 0.39% to close at RM5.18 with some 731,300 shares done.