ADNOC Buys 11 Supertankers for $1.3 Billion to Expand Export Fleet
ADNOC has bought 11 very large crude and gas carriers for $1.3 billion as the national oil company of Abu Dhabi continues to expand its fleet of supertankers to boost crude and LNG exports. ADNOC’s unit ADNOC Logistics & Services plc on Friday announced it had acquired five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of about $1.3…
ADNOC, the national oil company of Abu Dhabi, has acquired 11 supertankers for $1.3 billion to expand its export fleet. The acquisitions, announced by ADNOC Logistics & Services plc, include five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs). Nine of the vessels were obtained on the secondary market, while the remaining two are newbuild vessels.
The expanded fleet will bolster ADNOC's capacity for shipping crude and liquefied natural gas (LNG), supporting the company's integrated value chain and growth in production, trading, and export volumes. This move comes as the UAE adapts to the closure of the Strait of Hormuz by utilizing alternative routes and selling crude grades offshore.
ADNOC has already set new export records in June and is increasing its LNG carrier fleet to capitalize on the growing global demand for natural gas.
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