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The contract entails the construction of 12 very large gas carriers (VLGCs) and 8 modern product tankers. These vessels are set to bolster AW Shipping's fleet, which is pivotal in transporting liquefied petroleum gas (LPG) and other petroleum products from ADNOC Group and global suppliers to Wanhua Group's manufacturing bases in China and internationally.
H.E. Dr. Sultan Ahmed Al Jaber, CEO of ADNOC Group, highlighted that this venture aligns with ADNOC's growth strategy and the increasing demand for LPG in China. The contract not only strengthens ADNOC's logistics capabilities but also ensures a steady supply chain for Wanhua, facilitating broader market opportunities for both entities.
Jiangnan Shipyard, renowned for its advanced shipbuilding technology, is expected to deliver the vessels by 2026. This deal is also part of ADNOC L&S’s broader plans to expand its shipping fleet, which currently holds the title of the UAE’s largest. ADNOC L&S continues to play a crucial role in ADNOC's value chain, delivering oil, gas, and petroleum products worldwide.
Mr. Liao Zengtai, Chairman of Wanhua Chemical Group, expressed that this partnership not only solidifies their strategic ties with ADNOC but also contributes to the "One Belt, One Road" initiative, enhancing connectivity and trade routes across Asia and beyond.
ADNOC L&S was established in 2016, integrating three subsidiaries, and has since become the largest integrated shipping and maritime logistics company in the Gulf Cooperation Council (GCC). The company is known for its comprehensive services, including crude and refined products shipping, marine services, offshore logistics, and onshore terminal operations.
This strategic move is expected to deliver greater efficiency and value for both ADNOC and Wanhua, reinforcing their positions in the global energy and chemicals markets.
Sources:
- Hellenic Shipping News
- The Maritime Standard
- Business Recorder