The company's total shipping capacity increased to 12 million barrels of crude oil
ADNOC Logistics and Services acquires 6 giant crude oil tankers
The acquisitions reflect ADNOC Logistics' keenness to modernize its fleet.
WAM
ADNOC Logistics and Services, the shipping and logistics arm of the Abu Dhabi National Oil Company (ADNOC), announced the acquisition of six giant crude oil tankers, through the purchase of two giant crude oil tankers that join immediately to the fleet of «ADNOC Supplies and Services», and a contract to build Three new tankers will be delivered between 2022 and 2023, while the company has acquired an additional vessel that will soon join its fleet.
With the addition of these tankers, which are the first of their kind in the ADNOC Logistics and Services fleet, the total shipping capacity of the company will increase by 12 million barrels of crude oil.
The company, which owns and operates the largest marine freight fleet in the UAE and which is currently the largest integrated shipping and maritime logistics company, is implementing an ambitious program to modernize its fleet and develop its capabilities in the field of freight and services, to enable it to provide the best services to its international customers, and to support ADNOC Group's plans to develop its capabilities In the field of trade and circulation.
ADNOC recently established two commercial units: “ADNOC Commercial”, which started last September its activities in the field of crude oil trade and trading of derivative financial instruments for the oil sector, and ADNOC Global Trade, in partnership with Italian “Eni” and Austrian OMV, which will start its activities in December, will focus mainly on trading and trading of refined products.
“The acquisition of the six supertankers represents an important step within our continuous efforts to modernize the company's fleet, develop its capabilities and enable it to transport crude oil to all parts of the world,” said Captain Abdul Karim Al-Mosabi, CEO of ADNOC Supplies and Services.
This strategic step also contributes to providing new services to our customers, enabling ADNOC and its commercial companies to access new global energy markets, and supporting its continuous efforts to achieve additional value and provide new sources of revenue.
He added that “(ADNOC Logistics and Services) has succeeded in purchasing these tankers and contracting to build new tankers at competitive prices, despite the conditions currently prevailing in the market, as the acquisition of tankers will reduce operational costs compared to the option of chartering vessels with the highest cost, as it will enable us. This acquisition aims to provide more reliable service to our customers, to consolidate our position as the largest integrated shipping and logistical services company in the UAE, and to allow us to transfer larger quantities of ADNOC crude oil production to customers around the world.
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