ADNOC Logistics & Services (ADNOC L&S) has announced the acquisition of two additional very large crude carriers (VLCC) – one of which features dual-fuel technology, the other, a scrubber.
The acquisitions of the two vessels brings the total number of VLCCs added to ADNOC L&S’s fleet in 2021 to eight.
According to the company, the VLCC fleet expansion plays a significant role in supporting ICE Murban Futures, which is expected to boost trading of the UAE’s flagship Murban crude oil, enabling it to reach new customers and markets around the globe. The launch of Murban Futures contracts is also expected to allow ADNOC L&S to further improve its vessel capacity utilisation in the crude oil sector.
The growth of ADNOC L&S’s VLCC fleet supports ADNOC Group’s commitment to increase its crude oil production capacity by 25% to 5 million barrels per day by 2030.
The new acquisitions include a newbuild VLCC, equipped with dual-fuel technology, which is expected to be delivered in Q1 2023, and an existing, scrubber-equipped vessel that is scheduled to join the fleet in Q2 2021.
These latest acquisitions mean that ADNOC L&S has now added a total crude oil cargo capacity of 16 million barrels this year.