Adnoc's shipping division launches joint venture with Chinese company
AW Shipping will have a direct stake in increased LPG shipments to China
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Dubai: Adnoc Logistics & Services has entered a joint venture with China’s Wanhua Chemical Group to launch AW Shipping Ltd. The new entity will be incorporated in Abu Dhabi Global Market (ADGM).
“The JV further solidifies Adnoc L&S’ position as the largest, fully integrated logistics and shipping company in the UAE and paves the way for the transportation of greater LPG volumes to China, in line with market demand,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Group CEO.
The formation of AW Shipping follows a 10-year liquefied petroleum gas (LPG) supply contract between Adnoc and Wanhua in November 2018.
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“The company may also pursue other market opportunities,” the statement added.
Last year, ADNOC L&S transported over 20 million metric tonnes of oil and gas products and dry bulk commodities.
A coming together
Adnoc L&S was formed late 2016 from the merging of three entities - ADNATCO, IRSHAD, and ESNAAD. The integration created synergies between shipping, marine services, offshore logistics, and onshore logistics to be the "largest integrated shipping and maritime logistics company" in the Gulf.
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