ADNOC has bought 11 very large crude and gas carriers for $1.3 billion as the national oil company of Abu Dhabi continues to expand its fleet of supertankers to boost crude and LNG exports.
ADNOC’s unit ADNOC Logistics & Services plc on Friday announced it had acquired five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of about $1.3 billion.
Nine of the vessels, six VLCCs and three VLGCs, were acquired on the secondary market. They are scheduled for delivery this quarter and will enter service with ADNOC immediately following delivery.
The remaining two VLGCs are newbuild vessels acquired through a resale transaction from a Chinese shipyard, with delivery scheduled for the fourth quarter of 2026.
The fleet expansion will support ADNOC L&S’ gas and crude oil shipping capacity and support ADNOC Group’s integrated value chain and continued growth in production, trading and export volumes, the company said in a statement.
The latest acquisition follows ADNOC’s order for newbuild LNG carriers from last month.
ADNOC L&S currently owns over 340 vessels and operates 600 chartered ships.
The UAE has sought to adapt to the closure of the Strait of Hormuz by sneaking tankers in dark mode through the Strait and increasingly offering to sell many of its crude grades for loading offshore Fujairah and at Sohar in Oman, outside the Strait.
The United Arab Emirates has managed to boost its oil exports to pre-crisis levels as early as June, as it has kept pushing crude through the Strait of Hormuz and outside it.
ADNOC is also boosting its LNG carrier fleet to grow its international gas business.
Last month, ADNOC Logistics and Services placed a $900-million order for four newbuild LNG carriers to expand its fleet as Abu Dhabi’s national oil company seeks to boost gas exports to capitalize on the global rise in LNG demand.
By Michael Kern for Oilprice.com
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