The logistics and services division of Abu Dhabi National Oil Company plans high volumes of growth of fleet capacity as the company creates a new international trading group.
Previously this year, Adnoc arranged a trading venture to sell things from its Ruwais refinery in the Western Region.
The company, focused on the international market in Abu Dhabi, will start physical and financial commodity trading in 2020. An interest of 20% & 15% each in the project was given to Italian energy company Eni as well as Austria's OMV.
"That's where our next development and growth is, for instance, with AGT[ Adnoc Global Trading] and the trading arm of Adnoc also. This will offer us a more lift when it comes to access to the fleet, "said Captain Abdulkareem Al Masabi to The National.
Adnoc Logistics and Services will have to support current flows in negotiations with AGT and Adnoc's trading arm to meet "volumes, tonnage & capacity."
The company, that was established after the partnership of three Adnoc units in 2016, intends to obtain first crude oil tankers by introducing more than 25 vessels in the next five years, in addition to expanding its gas and dry bulk fleet. Internationally, it is anticipated that the extra flow of petroleum products will add further vessels to its fleet.
Tags : Service, International, Financial ,