ADNOC Logistics & Services (ADNOC L&S), an Abu Dhabi National Oil Company (ADNOC) shipping and maritime logistics subsidiary, has formed a new strategic joint venture (JV) with the Wanhua Chemical Group (Wanhua)
The new company, named AW Shipping Limited is part of the UAE Abu Dhabi Global Market (ADGM).
This strategic JV agreement further strengthens ADNOC’s collaboration with Chinese companies and builds on the deep-rooted bilateral relations between China and the UAE. The JV emphasises ADNOC’s focus on value-creating deals and will support delivering its smart growth strategy for 2030.
AW Shipping Limited (AW Shipping) will own and operate a fleet of very large gas carriers (VLGCs) and modern product tankers. The company will be responsible for transporting LPG cargoes and other petroleum products, sourced from the ADNOC Group and global suppliers to Wanhua Group’s manufacturing bases in China and around the world. To deliver maximum fleet efficiency, the company may also pursue other market opportunities.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said, “This creative win-win partnership strengthens our growing relationship and will deliver greater value and efficiency for both our organizations. Importantly, the JV further solidifies ADNOC L&S’ position as the largest, fully integrated logistics and shipping company in the UAE and paves the way for the transportation of greater LPG volumes to China, in line with market demand.
“The establishment of AW Shipping supports ADNOC’s smart growth and value creation strategy and is another example of how ADNOC is stretching the margin from every molecule that we produce, refine, ship and sell, while also forging stronger partnerships in major growth markets.”
