ADNOC Buys 2 Very Large Crude Carriers

ADNOC Buys 2 Very Large Crude Carriers
ADNOC Logistics & Services (ADNOC L&S) has announced the acquisition of two additional Very Large Crude Carriers.

ADNOC Logistics & Services (ADNOC L&S) has announced the acquisition of two additional Very Large Crude Carriers (VLCC). 

The acquisitions include a new-build VLCC, equipped with dual-fuel technology, which is expected to be delivered in the first quarter of 2023, and an existing vessel that is scheduled to join the fleet in the second quarter of this year. The price of the acquisitions was not disclosed by the company.

ADNOC L&S’s latest buys, which follow the announcement of the acquisition of six VLCCs back in February this year, mean that the company has now added a total crude oil cargo capacity of 16 million barrels this year, ADNOC L&S highlighted.

The company said its VLCC fleet expansion plays a significant role in supporting ICE Murban Futures, which is expected to boost trading of the UAE’s flagship Murban crude oil. ADNOC celebrated the start of trading of Murban as a Futures contract on the new ICE Futures Abu Dhabi (IFAD) commodities exchange on March 29.

ADNOC L&S also noted that the growth of its VLCC fleet supports the ADNOC Group’s commitment to increase its crude oil production capacity by 25 percent to five million barrels per day by 2030. 

“The acquisition of these VLCCs further consolidates our highly competitive offering, which covers the full spectrum of the oil and gas value chain,” Abdulkareem Al Masabi, the chief executive officer of ADNOC L&S, said in a company statement.

“Following our strategic vessel acquisitions in 2020-2021, and combined with our integrated logistics and marine solutions, we are confident that our customers will gain a significant edge in terms of time and cost savings for their upstream and downstream operations, including ADNOC Group entities,” Masabi went on to state.

ADNOC L&S, which is the shipping and maritime logistics arm of ADNOC, is the largest integrated maritime logistics and shipping company in the GCC, and the owner and operator of the largest shipping fleet in the UAE, ADNOC’s website highlights.

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