ADNOC L&S Signs $4.4 Billion Deal for 23 LNG, Ethane, and Ammonia Supertankers

ADNOC Logistics & Services signed contracts worth $4.4 billion to build 23 supertankers, primarily focused on LNG, with additional vessels for ethane and ammonia. These contracts with Chinese and Korean shipyards bolster ADNOC’s low-carbon energy shipping capacity.

(Reuters) — ADNOC Logistics & Services signed contracts worth $4.4 billion to build 23 supertankers for ethane, ammonia and liquefied natural gas, the UAE's state news agency reported on Thursday.

ADNOC's CEO Abdulkareem Al Masabi said the company through its AW Shipping joint venture awarded contracts worth $1.9 billion to build nine Very Large Ethane Carriers (VLECs) and four Very Large Ammonia Carriers (VLACs) with Jiangnan Shipyard in China.

ADNOC L&S also signed contracts worth $2.5 billion with Korea’s Samsung Heavy Industries and Hanwha Ocean to build up to 10 LNG carriers, further enhancing its ability to meet global demand for low-carbon energy, CEO also said.