The Abu Dhabi National Oil Co (ADNOC) has announced the consolidation of the operations of three of its shipping, marine and services companies into one firm in order to increase efficiency.
Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co have been earmarked for integration, according to media reports.
“By leveraging the experience and assets across the three companies, we aim to deliver an improved and cost-effective service to meet the needs of the ADNOC Group,” the group’s chief executive officer Sultan Al Jaber has said.
Integration is expected to be completed by the end of 2017, ADNOC said. The new company would operate over 165 vessels, including liquefied natural gas and bulk carriers, chemicals and products tankers, as well as container and container-feeder vessels.
ADNOC said early this month that it was consolidating the operations of two of its offshore oil companies, Abu Dhabi Marine Operating Co and Zakum Development Co, into a new entity.
The state-owned oil giant also reshuffled its group leadership in May following the appointment of Sultan Al Jaber in February.
The group has also announced that the National Gas and Shipping Co (NGSCO), in which it owns a 70% stake, would remain a separate firm but that the stake would be transferred to the newly merged shipping company in order to maximise synergies.
