Adnoc's Fleet to Add 25 Vessels
Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, a member of Abu Dhabi's Executive Council and Supreme Petroleum Council and Chairman of the Abu Dhabi Department of Transport, inaugurated the latest addition to Adnoc Logistics & Services' shipping fleet.
The Abu Dhabi-based provider of shipping, maritime, port, logistics and oil field services said that the acquisition of the 2,850 TEUs large feeder vessel, Al Reem 1, brings Adnoc L&S's fleet to 123 vessels.
Adnoc L&S revealed its plan to acquire its first crude oil tankers, while expanding its gas and dry bulk fleet, by adding more than 25 vessels within the next five years.
Zayed Al Nahyan updated on Adnoc L&S strategic growth plans, which will transform it into a global shipping champion. Adnoc L&S is the maritime and logistics arm of the Abu Dhabi National Oil Company (Adnoc).
Adnoc has chalked out its ambitious growth plan will create a more competitive and diverse offering, to leverage market expansion while strengthening its role by transforming into a fully integrated marketer and trader of its products, enabled by its shipping arm Adnoc L&S.
This will enable Adnoc to sell more of its commodities on a ‘delivered basis’, increasing its global reach, unlocking new market opportunities and stretching the value of its supply chain.
Adnoc L&S will play a critical role in supporting the delivery of Adnoc’s 2030 smart growth strategy, through which Adnoc will increase its oil production capacity to 4 million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030.
In the Downstream, Adnoc intends to triple production of petrochemicals to 14.4 million tons per annum and double its crude refining capacity by 2025. This ambitious growth plan, combined with Adnoc’s move into trading, presents significant opportunities for Adnoc L&S.