Adnoc L&S Expands Fleet with $1.3 Billion Acquisition

Adnoc L&S, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has expanded its fleet to boost oil export capacity in the UAE. The company will pay AED4.8 billion ($1.3 billion) for five very large gas carriers and six very large crude carriers.

The acquisition comes as vessel flows through the Strait of Hormuz remain subdued due to the Iran war. Adnoc L&S's fleet expansion aims to drive exports in key markets and capture new opportunities in international energy trade, according to CEO Abdulkareem Al Masabi.

The company's share price closed 1.4 percent lower at AED6.15 on Thursday but is up 4 percent year-to-date. Adnoc L&S will increase its crude-carrier fleet to 14 and its gas fleet to 12 with the addition of the new vessels.