The new company will own and operate a fleet of very large gas carriers (VLGCs) and modern product tankers
ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics subsidiary of the Abu Dhabi National Oil Company (ADNOC), recently announced the formation of a new strategic joint venture (JV) with Wanhua Chemical Group (Wanhua).
The new company named AW Shipping is incorporated in Abu Dhabi Global Market (ADGM).
AW Shipping Limited (AW Shipping) will own and operate a fleet of very large gas carriers (VLGCs) and modern product tankers. The company will be responsible for transporting LPG cargoes and other petroleum products, sourced from the ADNOC Group and global suppliers, to Wanhua Group’s manufacturing bases in China and around the world.
“This creative win-win partnership strengthens our growing relationship and will deliver greater value and efficiency for both our organizations,” commented Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and CEO, ADNOC Group.
The formation of AW Shipping follows a 10-year liquefied petroleum gas (LPG) supply contract signed between ADNOC and Wanhua in November 2018.
“The new company will strengthen the strategic cooperation between ADNOC and Wanhua and will also ensure the stable supply of LPG cargoes and other petroleum products for Wanhua system,” noted Liao Zengtai, Chairman, Wanhua Chemical Group headquartered in the coastal city of Yantai in China’s northeastern Shandong province.
ADNOC L&S was formed in late 2016 from three ADNOC subsidiaries, ADNATCO, IRSHAD, and ESNAAD. The integration created synergies between shipping, marine services, offshore logistics, and onshore logistics to create the largest integrated shipping and maritime logistics company in the GCC.
ADNOC L&S provides safe, reliable and cost-competitive maritime and logistics solutions to ADNOC Group companies and to more than 100 global customers.
Last year, ADNOC L&S transported over 20mn metric tonnes of various oil & gas products and dry bulk commodities.
