ADNOC to integrate shipping units

Abu Dhabi National Oil Company (ADNOC) will integrate three of its shipping and ports services units into one as part of its reorganisation and consolidation plan.

The companies that will be integrated are Abu Dhabi National Tanker Company (ADNATCO), Petroleum Services Company (ESNAAD), and Abu Dhabi Petroleum Ports Operating Company (IRSHAD).

In addition, National Gas and Shipping Company (NGSCO), in which Adnoc has a 70 percent stake, will join the new company although it will continue to operate separately.

“By leveraging the experience and assets across the three companies, we aim to deliver an improved and cost-effective service to meet the needs of the Adnoc group,” said Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO.

The new company will operate over 165 vessels including LNG vessels, bulk carriers, chemical and products tankers, container and container-feeder vessels, as well as modern multi-purpose vessels and support vessels.

The integration is expected to complete by the end of 2017.

Earlier this month, Adnoc combined its two major offshore operating companies, the Zakum Development Company and the Abu Dhabi Marine Operating Company.