Abu Dhabi National Oil Company (Adnoc) announced plans to integrate the operations of three of its shipping, marine and services companies into a single entity as the company moves ahead to consolidate its operations due to low oil prices
The integration is expected to be completed by the end of the next year under a steering committee formed by Adnoc. (Image Source: tpsdave/Pixabay)
The Abu Dhabi National Tanker Company (Adnatco), Petroleum Services Company (Esnaad) and Abu Dhabi Petroleum Ports Operating Company (Irshad) will be integrated to drive efficiency, optimise resources and assets across their various operations to maximise value, Adnoc said in a statement.
UAE Minister of State and Adnoc Group CEO Sultan Ahmed Al Jaber said, “This consolidation is aligned with our long-term vision and the core pillars of our business strategy, focused on efficiency, performance, profitability and people. “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.”
The new entity 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 National Gas and Shipping Company (Ngsco), in which Adnoc owns a 70 per cent stake, will remain a separate firm. Adnoc, however plans to transfer its Ngsco shareholding to the new company, and integrate its operations to maximise potential synergies.