Advanced Petrochemical Company (the Company) is pleased to announce the signing of long-term off-take agreement on November 29, 2017 with Vinmar International, Ltd. (Vinmar) of USA for the sale of Polypropylene, to be effective from January 1, 2019 for a period of five years (175,000 metric ton for year 2019 and 144,000 metric ton per annum for year 2020 to year 2023) after the expiry of existing off-take agreement on December 31, 2018.
The signing of above agreement will impact the financial results for the years 2019 to 2023 based on prevailing market prices at that time.
Advanced Chairman, Mr. Khalifa Al-Mulhem, commented that securing a long-term off-take commitment from a renowned and experienced off-taker like Vinmar will help to achieve the Company's long term strategic plans and will also improve the profitability of the Company due to improved marketing fee and better terms and conditions.
It is worthwhile to note that the long-term off-take agreements with Mitsubishi Corporation of Japan (150,000 metric ton per annum) and Domo Investment Group of Belgium (100,000 metric ton per annum) are already signed (also effective from January 1, 2019) for a period of ten years as announced earlier.
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