Adnoc Ships Spend $2.7 Billion in Record Year for UAE Exports

Abu Dhabi National Oil Co's (Adnoc) shipping arm has extended its recent spree of vessel purchases, ordering two new liquefied natural gas carriers for $444 million. The newbuild LNG ships will be delivered in 2029 and are part of Adnoc L&S' expansion plans to boost energy exports.

The latest purchase brings the company's total spend on vessels yet to be built this year to $2.7 billion, as it continues to take advantage of growing demand for liquefied natural gas (LNG) in the region.