ADNOC L&S and Wanhua Chemical form Strategic JV
ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics subsidiary of the Abu Dhabi National Oil Company (ADNOC), announced the formation of a new strategic joint venture (JV) with Wanhua Chemical Group (Wanhua).
The new company named AW Shipping Limited is incorporated in Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE).
This strategic JV agreement further strengthens the collaboration between ADNOC and Chinese companies and builds on the deep-rooted bilateral relations between China and the UAE. The JV underscores ADNOC’s focus on value-creating deals and will support the delivery of its 2030 smart growth strategy.
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.
Report by: OGP/Segun Cole , Please email us your industry related news for publication info@OilAndGasPress.com
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