Abu Dhabi National Oil Company's logistics and services subsidiary Adnoc L&S signed a ship building contract for the construction of two liquefied natural gas (LNG) vessels at the Jiangnan Shipyard in China, as the company expands its shipping fleet to meet higher demand for LNG globally.
The two new vessels will join the company’s fleet in 2025 and "will be crucial enablers of Adnoc’s 2030 growth strategy, supporting its existing LNG business as well as its ambitions to grow its LNG production capacity”, Adnoc said in a statement on Tuesday.
Adnoc L&S has the largest and most diversified fleet of vessels in the Middle East and its trading fleet transports crude oil, refined products, dry bulk, containerised cargo, liquefied petroleum gas and LNG to global markets through its owned and chartered vessels.
Over the past 24 months, the company acquired 16 deep sea vessels, including eight very large crude carriers in 2021, adding 16 million barrels of capacity, six product tankers, which expanded the product tanker fleet capacity to over 1 million metric tonnes as well as five very large gas carriers for AW Shipping, Adnoc L&S’ joint venture company with China’s Wanhua Chemical Group.
“This acquisition helps future-proof our fleet with more sustainable, modern vessels capable of serving our customers for the next 25 years and deepens our partnership with Jiangnan Shipyard,” said Captain Abdulkareem Al Masabi, chief executive of Adnoc L&S.
Global trade in LNG rose 6 per cent to 380 million tonnes in 2021 on the back of higher demand as economies recovered from the coronavirus-induced slowdown and countries focused on cutting emissions, Shell said in its latest LNG outlook report. China, the world's second-largest economy, and South Korea, led the growth in LNG demand last year.
Adnoc's new vessels, each with a capacity of 175,000 cubic metres, are significantly larger than its current fleet of LNG vessels which have a capacity of 137,000 cubic metres each, the statement said. Each of the new vessels will carry enough LNG to power 45,000 homes for a year.
"The acquisition of larger, more energy efficient vessels will allow Adnoc L&S to meet growing customer demand while improving the environmental footprint of its fleet," the company said.
LNG turns into a colourless and non-toxic liquid when cooled to about minus 162°C temperature. The cooling process shrinks the volume of the gas, making it easy to ship and store. It can be used for cooking, heating homes, manufacturing products and fuelling commercial vehicles.
Earlier this year, Adnoc L&S signed an agreement, its second in two years, with Singapore's Atlantic Gulf & Pacific company to lease one of its LNG vessels to be used as a floating storage unit.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|
More Iraq election coverage:
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Turkish Ladies
Various artists, Sony Music Turkey
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Killing of Qassem Suleimani
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Scoreline
Al Wasl 1 (Caio Canedo 90 1')
Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')
Red cards: Ismail Ahmed (Al Ain) 77'
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
