Skip to content Skip to Search
Skip navigation

Adnoc L&S awards vessel contracts to South Korea

By Pramod Kumar
The new LNG carriers, which are likely to be delivered beginning in 2028, will be chartered to Adnoc Group subsidiaries for 20 years Wam
The new LNG carriers, which are likely to be delivered beginning in 2028, will be chartered to Adnoc Group subsidiaries for 20 years

A subsidiary of UAE state oil major Abu Dhabi National Oil Company (Adnoc) has awarded contracts worth AED9.2 billion ($2.5 billion) to South Korean shipbuilders to construct liquified natural gas (LNG) carriers.

Two shipyards – Samsung Heavy Industries and Hanwha Ocean – have firm orders to construct four vessels with the option for one more, Adnoc Logistics & Services (Adnoc L&S) said in a statement.

The vessels, which are likely to be delivered beginning in 2028, will be chartered to Adnoc Group subsidiaries for 20 years to support growing natural gas export volumes.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The new vessels will increase the LNG fleet from 14 to 22.

The LNG carriers will have a capacity of 174,000 cubic meters and will be equipped with the highest fuel economy and lowest emission engines.

“We have now committed to over 50 percent of our medium-term strategic investment target one year post our record-breaking IPO in 2023,” said CEO Abdulkareem Al Masabi.

Last year, Adnoc L&S announced plans to invest $4-$5 billion over the medium term. The company reported a 138 percent increase in net profit year on year in 2023, with a 41 percent annual revenue increase.

Following its robust first-quarter financial performance, it revised its medium-term growth guidance upwards to exceed $5 billion in energy-related maritime logistics.

In June, Adnoc L&S announced a $1.4 billion acquisition of Navig8 TopCo Holdings, a shipping and tanker operator.

Since its IPO, the company has committed $3.9 billion to organic growth capex, mostly against long-term contracts.

Latest articles

Following high-level meetings with President Donald Trump and Vice President JD Vance, a $1.4 trillion, 10-year US investment agreement was reached

UAE commits to $1.4trn investment framework in US

The United Arab Emirates has committed to a 10-year, $1.4 trillion investment framework in the United States after top UAE officials met President Donald Trump this week, a White House official said on Friday. The new framework will “substantially increase the UAE’s existing investments in the US economy” in AI infrastructure, semiconductors, energy and American manufacturing, the […]

2BK5X38 Dubai Gold Souk, United Arab Emirates A shopper studies a display in the gold souk in Dubai. Investors are turning to gold in the face of economic uncertainty

Gold exports to UAE surge on Trump tariff war

Imports of physical gold from Switzerland to the UAE almost doubled month on month in February as investors turned to so-called safe haven assets against the backdrop of US President Donald Trump’s tariff war and diverging global interest rate policies. According to Swiss customs data 3,465kg of the precious metal was imported to the UAE […]

DSV Neom

Danish logistics partner rues Neom delays

Denmark’s DSV A/S, one of the world’s largest freight and logistics companies, said that expected profit from a $10 billion joint venture with Saudi Arabia’s state-backed Neom will be slower in coming than previously forecast due to delays in the so-called giga-project. Neom is a $500 billion futuristic desert city project on Saudi Arabia’s northern […]

Saudi IPOs Dome International Schools

Five more IPOs approved by Saudi regulator

Five more companies have received approval to sell shares in initial public offerings from Saudi Arabia’s Capital Markets Authority regulator. Already this year three Saudi companies, Derayah Financial, Umm Al Qura and Arab Company for Agricultural and Industrial Investment (Entaj), have raised more than $1 billion in IPOs.  Shares in both Derayah Financial and Entaj […]

Boy, Child, Male. Nord Anglia operates more than 80 schools in 33 countries, educating more than 90,000 students

Dubai Holding is a buyer of UK’s Nord Anglia schools

Dubai Holding, the personal investment portfolio of the ruler of the emirate, is among a group of companies that bought the UK school operator Nord Anglia Education for $14.5 billion. Other investors include the Swedish investment group EQT and Neuberger Berman from the US. Nord Anglia operates more than 80 schools in 33 countries, educating […]

Carbon Engineering Direct Air Capture (DAC) carbon capture plant with the Squamish Chief mountain in the background.

Aramco launches its first carbon capture facility

Saudi Aramco has launched its first facility to remove carbon dioxide (CO2)  from the air in a joint venture with Siemens. This is the company’s first direct air capture (DAC) facility as it seeks to curb CO2 emissions. The facility, a pilot project developed with Siemens Energy, is designed to remove 12 tonnes of CO2 […]

GWM cars on display at the 2024 Malaysia Autoshow. The company will build its facility in Algeria as a JV with an Algerian partner

China’s GWM to build its first car plant in Algeria

Great Wall Motor (GWM), one of China’s 10 biggest car manufacturers, plans to build its first factory in Algeria, joining others in the country including Fiat, Peugeot and Kia. GWM will build the car assembly plant as a joint venture with an Algerian partner, Elkhabar newspaper and other Algerian publications reported, without identifying the partner. A […]

Eid al-Fitr in Gurugram, India. The travel site Wego said there had been 1.6 million searches recorded on the site for holiday trips over Eid, with India, Pakistan, Egypt, Saudi Arabia, Jordan and Syria popular destinations

People in UAE to take longer Eid al-Fitr breaks this year

UAE residents are increasing the duration of their holiday break over Eid al-Fitr this year as celebrations ending Muslims’ Ramadan month of fasting coincide with the spring break for schools. The length of a typical Eid holiday this year may increase by half, up from an average eight days to 12, according to data supplied […]

A banner with with Istanbul mayor Ekrem İmamoğlu's picture. Turkey's economy has been shaken by his arrest

Turkey central bank rate hike fails to calm nervous markets

Turkey’s central bank has raised its overnight lending rate, a move designed to tighten liquidity and reassure markets it is prepared to intervene in response to financial instability stemming from the arrest this week of a leading political opposition figure. The move has so far failed to settle the markets. The detention of İstanbul mayor Ekram […]

The planned $35 billion expansion of Dubai’s Al Maktoum International Airport could generate work for UK companies

UK pushing for increase in business with UAE

Britain is “very keen” to secure business in the aviation, hospitality and financial services sectors and elsewhere in Dubai and the wider UAE, a UK trade commissioner has told AGBI.  A free trade agreement between the UK and the Gulf Co-operation Council, which includes the UAE, would support these opportunities for British companies, said Sarah […]

Tunisia is facing an increasing refugee crisis as sub-Saharan Africans arrive seeking passage to Europe

Prime minister of Tunisia sacked by president

The president of Tunisia, Kais Saied, has sacked his prime minister, Kamel Maddouri, less than a year after Maddouri’s appointment, as the country’s economy falters and it tries to cope with a worsening flood of migrants from sub-Saharan Africa. Saied named Sara Zaafarani, the minister of equipment and housing since 2021, as Maddouri’s replacement. Zaafarani, […]

Gulf Islamic Investments CEO Mohammed Alhassan says the company wants to double its US assets to $1.5bn within four years

Gulf Islamic Investments makes US expansion a priority

Gulf Islamic Investments, Dubai’s financial services company which has more than $3.5 billion of assets under management, is aiming to more than double the value of its business in the United States.  GII’s US assets total $750 million and include an 80 percent share in ZSpace, a virtual reality education technology company with a market […]