- Adnoc Logistics & Services (Adnoc L&S) has signed $4.4 billion in contracts this year to build 23 supertankers for low-carbon energy transport.
- The company awarded $1.9 billion to China’s Jiangnan Shipyard for 13 ethane and ammonia carriers and $2.5 billion to South Korean shipyards for up to 10 LNG carriers.
- These investments support Adnoc’s net-zero goal by 2045, aligning with the UAE’s 2050 target and the International Maritime Organization’s climate objectives.
- Adnoc’s ICV programme has redirected Dh187 billion into the UAE economy and created 14,000 Emirati jobs, with significant further investments planned through 2028.
Full Overview
According to The National News, Adnoc Logistics and Services (Adnoc L&S) has taken significant steps to expand its global fleet and support the energy transition, securing $4.4 billion in contracts this year for the construction of 23 supertankers aimed at transporting low-carbon fuels such as ethane, ammonia, and liquefied natural gas (LNG). Through its joint venture AW Shipping, Adnoc L&S has awarded $1.9 billion in contracts to China’s Jiangnan Shipyard for nine ethane carriers and four ammonia carriers. Additionally, Adnoc signed $2.5 billion worth of contracts with South Korean shipbuilders Samsung Heavy Industries and Hanwha Ocean for up to 10 LNG carriers, meeting rising global demand for cleaner energy transport options.
Commitment to Low-Carbon Transition and Global Reach
This investment aligns with Adnoc’s long-term sustainability goals, including achieving net zero by 2045 and supporting the UAE’s 2050 climate targets. Capt. Abdulkareem Al Masabi, CEO of Adnoc L&S, stated that the company is focusing on carbon reduction in industrial operations and expanding its reach to new global markets.
Adnoc L&S operates the largest diversified fleet in the region with over 800 vessels, serving more than 100 customers across 50 countries. The company listed on the Abu Dhabi bourse last year, following its parent company’s public sale of a 19% stake, which raised approximately $770 million.
Strengthening the UAE’s Economy Through the ICV Programme
Adnoc L&S actively contributes to the UAE’s In-Country Value (ICV) programme, which directed Dh48 billion into the local economy in the first half of 2024 alone. The ICV programme, under the Ministry of Industry and Advanced Technology, aims to reinvest half of government spending on procurements into the national economy by 2031. Through its ICV initiatives, Adnoc has already redirected Dh187 billion into the UAE economy and created 14,000 private-sector jobs for Emiratis, with plans to invest an additional Dh178 billion and create 13,500 new jobs by 2028.
Enhancing Local Manufacturing Capacity
In line with the ICV objectives, Adnoc awarded Dh720 million in contracts to 11 companies to enhance local manufacturing capabilities. This move brought the number of ICV-enabled manufacturing sites to 33, emphasizing Adnoc’s commitment to bolstering the UAE’s industrial growth and promoting job creation.
Through these initiatives, Adnoc L&S continues to expand its influence in the global energy sector, championing sustainability and supporting economic growth in the UAE.
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Source: The National News
