In recent news, ADNOC Logistics & Services PLC (ADNOC) has awarded contracts worth up to AED 9.2 billion ($2.5 billion) to South Korea’s Samsung Heavy Industries and Hanwha Ocean for the construction of new LNG carriers. These contracts are part of the company’s growth strategy and fleet expansion plans, which aim to increase its LNG fleet from 14 to at least 22 vessels by 2028. The vessels will be chartered to ADNOC Group companies for 20 years, supporting the increasing production of natural gas.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, emphasized the importance of these contracts in delivering the company’s growth strategy and commitment to value-accretive investments. Following a strong first-quarter financial performance, ADNOC L&S has increased its investment targets to over AED 18.4 billion (US$ 5 billion) in maritime and energy logistics.
The company is focused on capitalizing on growth opportunities, as evidenced by the recent acquisition of Navig8 for AED 5 billion (USD 1.4 billion). ADNOC L&S has already committed significant capital expenditure for organic growth and is continuing to drive its transformational growth strategy. The LNG carriers to be constructed will use the latest technologies to increase fuel efficiency and reduce carbon emissions, aligning with the company’s sustainability goals.
These carriers will be equipped with advanced engines and sustainability technologies to minimize environmental impact. They will be among the most fuel-efficient vessels globally, reinforcing ADNOC L&S’ position as a leader in reducing carbon emissions from maritime operations. This initiative supports ADNOC Group’s ambition to achieve climate neutrality by 2045.
ADNOC Logistics & Services PLC (ADNOC) has recently awarded contracts worth up to AED 9.2 billion ($2.5 billion) for the construction of new LNG carriers as part of its growth strategy and fleet expansion plans.
As part of its commitment to value-accretive investments, Captain Abdulkareem Al Masabi, CEO of ADNOC Logistics & Services (L&S), emphasized the importance of these contracts in delivering their growth strategy.
Following a strong first-quarter financial performance, ADNOC L&S has increased its investment targets to over AED 18.4 billion (US$ 5 billion) in maritime and energy logistics.
In addition to increasing their fleet size from 14 vessels to at least 22 by
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