ADNOC Logistics & Services (ADNOC L&S), will purchase three additional newbuild LNG vessels as it looks to capitalise on the growing global demand for LNG
In April 2022, Abu Dhabi’s national utility reportedit is acquiring two LNG vessels, and the current announcement brings the number of LNG newbuilds ordered to five. All five will be built at China’s Jiagnan Shipyard with vessel delivery scheduled for 2025 and 2026.
The three newbuilds will have a capacity of 175,000 m3, which is significantly larger than the current ADNOC L&S vessels, which have a capacity of 137,000 m3 each.
ADNOC L&S chief executive Abdulkareem Al Masabi said, “ADNOC is an active player in the evolving global energy landscape, where natural gas and LNG are playing an increasingly important role. ADNOC L&S’ strategic acquisition of five state-of-the-art LNG vessels will support ADNOC’s existing LNG business as well as its significant growth plans.”
Mr Al Masabi said, “Several dynamics are strengthening the LNG market which makes the timing of these acquisitions particularly significant. This includes a renewed emphasis on energy access and security, as well as new environmental regulations that favour more fuel-efficient vessels, such as the newbuilds we are purchasing.”
Jiangnan Shipyard chairman Lin Ou said, “We would like to thank ADNOC L&S for its continued collaboration with Jiangnan. We are committed to the promotion of new efficient, energy-saving and environmentally conscious vessels and are proud to support ADNOC L&S’ growth strategy for the future.”
The yard was previously commissioned by ADNOC L&S to build five very large has carriers for AW Shipping, a joint venture company with China’s Wanhua Chemical Group.
Over the last two years, the company has acquired 16 deepsea vessels, including eight VLCCs in 2021 that added 16M barrels of additional capacity and six product tankers, which expanded the product tanker fleet capacity to over 1M tonnes.
The expansion programme continues, as ADNOC added two premium jack-up rigs last week and aims to ramp up oil production to 5M barrels per day by 2030.
ADNOC L&S operates one of the Middle East’s largest and most diversified fleets with over 200 vessels transporting crude, refined products, dry bulk, containerised cargo, LPG and LNG worldwide.
