ADNOC Buys Five Supertankers Amid Middle East Crisis
Abu Dhabi's national oil company ADNOC has purchased five supertankers to better manage its crude deliveries amid the Middle East crisis. The company paid approximately $590 million for the very large crude carriers (VLCCs), which can carry up to 2 million barrels of crude oil each.
The acquisition is part of ADNOC's efforts to boost crude oil production and exports after exiting OPEC earlier this year, despite the regional conflict that has stalled traffic through the Strait of Hormuz.
ADNOC Logistics and Services (ADNOC L&S), which owns over 340 vessels and operates 600 chartered ships, acquired the supertankers from Frontline Plc. The company said it 'continually reviews its fleet requirements and strategic growth opportunities' but declined to comment further.
The UAE produced a record 4.1 million barrels per day (bpd) of crude oil in June, nearly double its output from March when Middle Eastern producers slashed production at the start of the Hormuz crisis.