Abu Dhabi National Oil Company (ADNOC) plans to add more than 25 vessels to its shipping fleet over the next five years.
The fleet expansion plan will also include the acquisition of ADNOC’s first crude oil tankers.
ADNOC believes its ambitious growth plan will enable the company 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.
“We have set out a clear growth strategy for ADNOC Logistics & Services and defined our intent to meet the group’s present and future shipping and marine services requirements. At the same time, there will be a focus on ADNOC’s trading ambitions, which foresee a significant growth in the delivery of products to our global customers,” said Dr Sultan Ahmed Al Jaber, UAE minister of state and CEO of ADNOC.
“ADNOC Logistics & Services is a crucial link in the ADNOC supply chain, delivering oil, gas and petroleum products to our customers across the world. As we grow our trading business and strengthen our integrated maritime capabilities, we will capitalize on market growth opportunities and position the company as the largest regional integrated maritime services company,” Al Jaber added.
According to ADNOC, it will increase its oil production capacity of 4m barrels per day (mmbpd) by the end of 2020 to 5 mmbpd by 2030. The company also intends to triple production of petrochemicals to 14.4m tons per annum and double its crude refining capacity by 2025.
Additionally, ADNOC L&S and China’s Wanhua Petrochemical signed an MOU to explore the creation of a joint venture for the transport of gas. Wanhua Petrochemical is an existing customer of ADNOC, having signed 10-year LPG purchase contract for 1MMPTA.