UAE - Mubasher: ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), has acquired two additional Very Large Crude Carriers (VLCC).
The new acquisition has raised the total number of VLCCs added to the ADNOC L&S fleet in 2021 to eight, according to a press release on Tuesday.
The eight VLCCs will increase the total crude oil cargo capacity by 16 million barrels this year.
Hence, expanding the VLCC fleet supports ADNOC’s commitment to raising its crude oil production capacity by 25% to 5 million barrels per day (b/d) by 2030.
The growth of the VLCC fleet enables the UAE to boost the trading of its Murban crude oil and make it reach new customers and markets around the globe.
In the meantime, the launch of Murban Futures contracts will allow ADNOC L&S to further enhance its vessel capacity utilisation in the crude oil sector.
The new acquisitions comprise a new-build VLCC, equipped with dual-fuel technology and expected to be delivered in the first quarter (Q1) of 2023, and another vessel, scheduled to join the fleet in the second quarter (Q2) of 2021.
The CEO of ADNOC Logistics and Services, Abdulkareem Al Masabi, said: "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."
