Abu Dhabi National Oil Company Logistics & Services (ADNOC L&S) acquired two more Very Large Crude Carriers (VLCC), bringing the total number of VLCCs added to its fleet in 2021 to eight, according to a press release.
One of the new VLCC is equipped with dual-fuel technology which is expected to be delivered in Q1 2023, meanwhile, the other one is scheduled to join the fleet in Q2 2021. With the new VLCC acquisitions, total crude oil cargo capacity of ADNOC L&S is increased by 16 million barrels (mmbbl) in 2021.
The VLCC fleet expansion is to align with ADNOC’s strategy to increase its crude oil production capacity by 25% to 5 million barrels per day (mmbbl/d) by 2030. It will also play a significant role in boosting trade of the UAE’s flagship Murban crude oil.
Commenting on the deal, Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “The acquisition of these VLCCs further consolidates our highly competitive offering, which covers the full spectrum of the oil and gas value chain. 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.”