ADNOC Adds Six VLCC – Aiming Global Reach Through A Strategic Move

ADNOC Logistic & Services (ADNOC L&S), reputed maritime and shipping arm of Abu Dhabi National Oil Company (ADNOC) made a big announcement about the acquisition of six Very Large Crude Carriers (VLCCs). Two VLCCs are already added to the ADNOC L&S fleet, and the existing one will join the fleet shortly. The company has made an order for three new vessels, that will be delivered in 2022 and 2023 from Korean Daewoo Shipbuilding & Marine Engineering company. The company grew its fleet size to 16 deep-sea vessels in 2020 alone.

ADNOC L&S is currently the largest integrated maritime logistic along with shipping company in the GCC. It also owns and operates the largest shipping fleet in the UAE. The company is aggressively moving for an aggressive fleet expansion campaign. These vessels will be the first VLCCs that will join the ADNOC L&S fleet adding a total cargo capacity of 12 million barrels in total. These six new vessels are 330 meters long and have 300,000 metric tonnes of deadweight. Additionally, these vessels will carry 2 million barrels of crude oil.

During the event held on Thursday, Captain Abdulkareem Al Masabi, Chief Executive of ADNOC L&S stated that the acquisition of these six VLCCs is one of their most significant growth step that was taken to this date. He further explained that this strategic move will allow them to offer new services to their customers. Customers will now obtain more reliable services through increased efficiency.

Back in November Abudhabi, Supreme Petroleum Council (SPC) approved ADNOC’s spending budget of USD $122 billion for the next five years from 2021-2025 which is projected to bring USD $43.6 billion back into the United Arab Emirates economy. This includes up boosting the oil production capacity to 5 mbpd by the end of 2030 from the existing 4 mbpd as of now. Also, the company has a plan to double its refining capacity. The company further explains that they are looking for smart growth opportunities.

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