(Oil Price) – ADNOC Logistics and Services has placed a $900-million order for four newbuild LNG carriers to expand its fleet as Abu Dhabi’s national oil company seeks to boost gas exports to seize the global rise in LNG demand.
ADNOC Logistics and Services on Friday announced a newbuilding order for an additional four next-generation LNG carriers with a total value of approximately $900 million, or 3.3 billion UAE dirhams.
The newly-built vessels will be constructed at Jiangnan Shipyard in Shanghai, China, and are expected to be delivered in 2029.
This $900-million order brings ADNOC L&S’ total LNG newbuild program to 18 vessels, as it looks to build one of the most advanced and efficient LNG shipping fleets globally.
ADNOC L&S has already taken delivery of six 175,000-cubic-meter LNG carriers from Jiangnan Shipyard, valued at $1.2 billion (4.4 billion dirhams), with five of these vessels deployed on contracts of up to 15 years with ADNOC Gas.
The four additional next-generation LNG carriers are expected to be deployed on long-term charters, enhancing visibility on future revenues and supporting stable energy flows to global markets, ADNOC L&S said.
The Abu Dhabi firm also has eight LNG carriers, with an investment of a total of $2.5 billion, currently under construction at Samsung Heavy Industries and Hanwha Ocean. These vessels are scheduled for delivery from 2028, and are all contracted on 20-year time charters to ADNOC Gas.
“The new vessels will strengthen ADNOC L&S’ capacity to deliver LNG to customers worldwide, supporting ADNOC’s broader LNG growth strategy and its recently launched global LNG marketing and trading platform, targeting 47 million tonnes per annum (mtpa) of combined marketable LNG by 2035,” the company said.
ADNOC has been signing long-term deals for its new LNG export project in recent months. This week it signed a 15-year long-term deal to supply gas from the Ruwais LNG project to Japanese firm Inpex starting from 2028.
By Tsvetana Paraskova for Oilprice.com
