ADNOC Logistics and Services, the UAE’s largest LNG company, has signed contracts worth $2.5 billion to build between 8 and 10 new LNG carriers as part of its transformational growth strategy and plans to expand its fleet, the company said in a statement to the Abu Dhabi Securities Exchange on Monday.
According to the statement, the new contracts were awarded to two Korean companies, Samsung Heavy Industries and Ocean, with each company to build four confirmed tankers with an option to build one additional tanker for each.
These tankers are expected to be delivered starting in 2028, and will be chartered to ADNOC Group companies for 20 years, to support the growing production of natural gas.
According to the statement, these new tankers will increase the size of ADNOC Supply and Services’ fleet of LNG tankers from 14 to at least 22 tankers.
The LNG carriers will have a capacity of 174,000 cubic meters each, according to the statement, and will be equipped with engines considered the least fuel-consuming and carbon-emitting in the company's global fleet.
The statement said that ADNOC Logistics and Services is now committed to achieving more than 50 percent of its medium-term strategic investment target of AED 18.4 billion ($5 billion) a year after its record initial public offering.
