Here is a guide for investors to know what Adnoc L&S does and its strategy
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Adnoc Logistics and Services is going public and aims to raise up to Dh2.23 billion through the initial public offering (IPO).
A subsidiary of Adnoc Group, it aims to list on the Abu Dhabi Securities Exchange.
Below is a guide for investors to know what Adnoc L&S does and its strategy:
It provides maritime and logistics solutions across Adnoc’s entire value chain through its three key business units. Integrated Logistics is one of the largest end-to-end, fully integrated energy logistics service providers for the energy sector and one of the largest owners and operators of self-propelled, self-elevating jack-up barges. In addition, it operates one of the largest energy logistics bases in the GCC region in Mussafah and one of the largest single warehouses in the Middle East in Kezad.
Its shipping unit owns and operates one of the largest diversified shipping fleets in the GCC region of more than 500 modern and technologically advanced vessels, including 56 owned vessels, six VLGCs owned by AW Shipping Limited and vessels which are either contractually committed or contracted and under construction for scheduled delivery between 2023 and 2026. Its marine services division operates a fleet of 65 specialised vessels, offering services related to marine terminals, all petroleum port operations in Abu Dhabi and oil spills and hazardous and noxious substances response operations.
The company aims to expand the scope of services provided to its parent firm Adnoc Group. It is targeting a two-fold increase in Adnoc’s production volumes to be transported by 2030. it intends to make additional investments targeted at supporting Adnoc’s exports of hydrogen derivatives and expanding marine services solutions.
It aims to lower the annual greenhouse gas emissions from international shipping by at least half by 2050 (compared with the 2008 levels) to reduce the carbon intensity of international shipping, in particular, to lower the carbon dioxide emissions per transport by at least 40 per cent by 2030 while aiming towards 70 per cent by 2050 as compared to 2008.
The firm has invested or committed approximately $2 billion in environment-friendly, new-build vessels with scheduled delivery dates between 2023 and 2026.
The Adnoc Group companies, including Adnoc Offshore, Adnoc Onshore, Borouge and Adnoc Gas, constitute the largest portion of its client base.
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Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.