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      Adnoc unit expands gas carrier fleet for exports

      Adnoc Logistics & Services (Adnoc L&S) is adding three more very large gas carriers (VLGCs) to its fleet as part of its drive to expand its hydrocarbon shipping capacity.

      The order is valued at AED1.2 billion ($324 million), the Abu Dhabi National Oil Company (Adnoc) unit said in a statement to the Abu Dhabi Securities Exchange.

      In August, the company agreed to pay AED4.8 billion for five VLGCs and six very large crude carriers.

      The fleet expansion comes as demand for second-hand supertankers surged among Gulf producers, AGBI reported, pushing the value of a five-year-old tanker up 22 percent above the cost of a newbuild.

      Each supertanker will have a capacity of 90,000 cubic metres and is expected to be delivered in the second half of 2029.

      Further reading:

      These supertankers will be deployed on a seven-year contract with Adnoc Global Trading, the statement said.

      The shipyard’s name was not given.

      In November, Adnoc’s board allocated $150 billion in capital expenditure between 2026 and 2030 to maintain its oil and gas operations through expansion and new projects.

      XRG, Adnoc’s low-carbon energy and chemicals investment arm, owns 78 percent of Adnoc L&S.

      The company’s share price closed 0.70 percent higher at AED7.1 on Monday and is up about 20 percent year to date.


      Source: AGBI
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