The Abu Dhabi National Tanker Company (ADNOC) plans to consolidate three of its shipping, marine and services companies into one world-class entity.
ADNOC, Petroleum Services Company (ESNAAD) and Abu Dhabi Petroleum Ports Operating Company (IRSHAD) will be combined to optimise resources and assets.
Sultan Al Jaber, UAE minister of state and ADNOC CEO, said, “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 new company will provide global seaborne transportation and storage services related to petroleum products. It will also offer a range of marine, port, oilfield and logistic services.
Work on consolidating the companies is being guided by an ADNOC-appointed steering committee, and consolidation is expected to be completed by the end of next year.
The National Gas and Shipping Company (NGSCO), in which ADNOC owns a 70% stake, will continue as a separate company. ADNOC intends to transfer its NGSCO shareholding to the new company.
