{"id":93422,"date":"2024-07-02T00:00:00","date_gmt":"2024-07-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-ls-inks-usd-2-5-bn-contracts-to-expand-lng-carrier-fleet\/"},"modified":"2024-07-02T00:00:00","modified_gmt":"2024-07-02T00:00:00","slug":"adnoc-ls-inks-usd-2-5-bn-contracts-to-expand-lng-carrier-fleet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/02\/adnoc-ls-inks-usd-2-5-bn-contracts-to-expand-lng-carrier-fleet\/","title":{"rendered":"Adnoc L&S inks USD 2.5 bn contracts to expand LNG carrier fleet"},"content":{"rendered":"

Adnoc L&S earmarks USD 2.5 bn to expanding its LNG carrier fleet:<\/strong> Adnoc Logistics and Services (L&S) inked contacts worth USD 2.5 bn with South Korean shipyards Samsung Heavy Industries and Hanwha Ocean for eight to ten LNG carriers, according to a statement (pdf)<\/a>. The intake of newbuilds is set to boost the firm\u2019s current fleet from 14 carriers to at least 22 vessels.<\/p>\n

ICYMI-<\/strong> In late May, the firm signed <\/span>letters of intent<\/a> with the two shipbuilders for new vessels to serve Adnoc\u2019s second LNG terminal at Ruwais. Ruwais aims to be the region\u2019s first LNG export facility powered by renewable energy.<\/span><\/p>\n

The details: <\/strong>Samsung Heavy Industries and Hanwha Ocean were each awarded contracts to build four vessels, with an option for an additional ship. Each carrier will have a 174k cubic meter capacity and operate with Mega and XDF2.2 engines, which will offer the lowest emissions in the company\u2019s fleet.<\/p>\n

Timeline:<\/strong> Delivery of the carriers will commence in 2028 and will be time chartered to Adnoc\u2019s subsidiaries for a duration of 20 years.<\/p>\n

Part of the post-IPO expansion strategy: <\/strong>This investment is part of a broader expansion strategy announced ahead of Adnoc L&S's USD 769 mn IPO last year, committing to USD 5 bn in medium-term investments. Adnoc has already allocated over half of this USD 5 bn target to expanding its LNG fleet.<\/p>\n

IN OTHER ADNOC NEWS-<\/p>\n

Adnoc saved up to USD 500 mn and reduced over 1 mn tonnes of carbon emissions in <\/strong>2023<\/strong> thanks to 30 AI tools used to boost efficiency, Wam<\/a> reports, citing Adnoc Chief Sustainability Officer Ibrahim Al Zu'bi on the sidelines of the Global Sustainability Forum in Abu Dhabi. <\/p>\n

Adnoc also launched a digital platform for AI and sustainability startups<\/strong> in partnership with CEO Sustainability Network and IBM, Al Zu\u2019bi said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Delivery of the carriers will commence in 2028<\/p>\n","protected":false},"author":1,"featured_media":93423,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[7,25,505,99,956],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-uae","tag-investment-watch","tag-lng","tag-logistics","tag-south-korea","wpautop","entry"],"acf":{"mongo_id":"abd1d03b-88a7-46b5-ac76-ad2ee987bfc6","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2549.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc L&S inks USD 2.5 bn contracts to expand LNG carrier fleet","related_issue":[93417],"teaser":"Delivery of the carriers will commence in 2028","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.489b7c07-fdab-4c7e-86dc-0c57a0ef9ecb.mp3"},"yoast_head":"\nAdnoc L&S inks USD 2.5 bn contracts to expand LNG carrier fleet - 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