ADNOC to create world class shipping, marine and services company
Integration is expected to complete by the end of 2017 and is intended at optimizing resources
ADNOC is consolidate the operations of three of its existing shipping, marine and services companies to create a single world-class entity.
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).
The move announced on Tuesday is intended to drive efficiency, optimise resources and assets across their various operations to maximize value, according to WAM, UAE’s official news agency.
This was stated by Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO. “Upon completion of the integration, the new company will be uniquely positioned to further extend its services to customers worldwide," he said.
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.