ADNOC Logistics and Services (ADNOC L&S) the shipping and maritime logistics arm of ADNOC recently announced to the media the acquisition of two Very Large Crude Carriers (VLCC). This brings the total number of VLCCs added to its fleet in the current year to eight.
The expansion of the VLCC fleet plays a vital role in supporting the ICE Murban Futures. This is to boost the trading of the UAE’s flagship Murban crude oil, helping it to reach a wide range of customers and markets around the world. With the launch of Murban Futures contracts, it will allow ADNOC L&S to further improve its vessel capacity utilization in the crude oil sector.
The growth of the firm’s VLCC is expected to support ADNOC Group’s commitment to increase its production capacity of crude oil by 25 percent to five million barrels per day by the year 2030. This new acquisition will also include a new-build VLCC, equipped with dual-fuel technology, which is expected to be delivered in the first quarter of 2023. There also is an existing vessel that is planned to join the fleet in the second quarter of this year.
By acquiring the two VLCCs, ADNOC L&C has added a total crude oil cargo capacity to about 16 million barrels in 2021. Captain Abdulkareem Al Masabi, CEO, ADNOC Logistics and Services addressed the media and said, “The acquisition of these VLCCs further consolidates our highly competitive offering, which covers the full spectrum of the oil and gas value chain. He further added that this strategic step of the acquisition combined with its integrated logistics and marine solutions will help its customers to gain a significant edge in terms of time and cost of savings for their upstream and downstream operations including ADNOC Group entities.