ADNOC Logistics and Services, the arm of freight and marine logistics services for the ADNOC Group, announced yesterday the establishment of AW Navigation, in partnership with the Chinese Wanhua Chemical Industries Group, and the new company was registered in the Abu Dhabi global market.
The company stressed in a statement yesterday that this step confirms the depth of bilateral relations that bring together the UAE and the People's Republic of China, as well as enhance cooperation between ADNOC Group and Chinese companies, and this joint project reflects ADNOC's focus on partnerships and deals that achieve additional value that supports the implementation of its 2030 strategy For smart growth.
AW Navigation will manage and operate a diverse fleet of giant gas tankers and product carriers that will transport ADNOC products to Wanhua Group's manufacturing bases in China and around the world. The new company will also take advantage of other opportunities in global markets to increase the efficiency of the commercial performance of its fleet.
The Minister of Industry and Advanced Technology and CEO of “ADNOC” and its group of companies, Dr. Sultan Ahmed Al-Jaber, said: “In line with the directives of the rational leadership, close and constructive cooperation with friends in the international community to serve common interests, and promote growth and progress in various sectors, we are pleased to establish this strategic project. The joint venture with (Wanhua) for chemical industries, as it will contribute to achieving greater value for both companies, in addition to strengthening our growing relationships. The move will also establish ADNOC Logistics and Logistics as the largest integrated marine logistics company in the region, and pave the way for shipping more LPG to China to keep pace with market demand. ”
He added: «The establishment of AW Navigation comes in line with ADNOC’s smart growth strategy, as this partnership is another example of ADNOC’s success in concluding strategic partnerships in key growth markets, generating new opportunities, and enhancing value from its operations in the marketing sector And trade ».
This new agreement comes on the heels of ADNOC's 10-year long-term agreement with Wanhua in November 2018.
For his part, Liao Zhengtai, president of the Chinese Wanhua Group for Chemical Industries said: “The new company will enhance strategic cooperation between (ADNOC) and (Wanhua), and will also ensure the stable supply of LPG shipments and other petroleum products to Wanhua, and this will also contribute. Cooperating in support of a one-belt strategy - one way.
Last year, ADNOC Logistics and Services managed to transport more than 20 million metric tons of various oil, gas and dry bulk commodities.
The company will take advantage of other opportunities globally to increase the efficiency of the commercial performance of its fleet.
AW will move ADNOC products to Wanhua bases in China and around the world.