Dubai PR Network, Online Press Release from Dubai and Middle East
 
Shipping & Logistic(Shipping and Logistic)
Filter PR by
  
ADNOC to Create World Class Shipping, Marine and Services Company
 

Consolidation of ADNOC shipping, marine and services companies to streamline operations and maximise value  

Abu Dhabi, UAE, 19 October, 2016:  ADNOC announced today its intention to consolidate the operations of three of its shipping, marine and services companies to create a single world-class entity. The Abu Dhabi National Tanker Company (ADNATCO), Petroleum Services Company (ESNAAD), and Abu Dhabi Petroleum Ports Operating Company (IRSHAD) will be integrated to drive efficiency, optimize resources and assets across their various operations to maximize value. 

H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “This consolidation is aligned with our long-term vision and the core pillars of our business strategy, focused on efficiency, performance, profitability and people.

“By leveraging the experience and assets across the three companies, we aim to deliver an improved and cost-effective service to meet the needs of the ADNOC Group.  The consolidation will capture synergies, generate savings and ensure value creation. Upon completion of the integration, the new company will be uniquely positioned to further extend its services to customers worldwide.”

The consolidated company will enjoy a legacy of over 40 years of international shipping experience, marine and port management, oil field services and logistics, across the oil and gas sector. It will provide global seaborne transportation and storage services related to petroleum products and other shipping segments. The new company will also offer a range of marine, ports and closely related oilfield and logistical services, including petroleum ports operation, pilotage services, supervision of crude transfer operations, single point mooring (SPM) terminal maintenance services, high speed craft operations, and port and container yard operations.

The new company will operate over 165 vessels, including LNG vessels, bulk carriers, chemical and products tankers, container and container-feeder vessels, as well as modern multi-purpose vessels and support vessels. In the longer term, the consolidated company will enjoy a competitive advantage based on its ability to deliver high quality, integrated cost-effective services across the hydrocarbon value chain. 

Work on consolidating the operating companies into a single marine and services company is underway under the guidance of an ADNOC-appointed steering committee. The integration is expected to complete by the end of 2017. 

The National Gas and Shipping Company (NGSCO), in which ADNOC owns a 70% stake, will remain a separate company. ADNOC intends, however, to transfer its NGSCO shareholding to the new company, and integrate its operations to maximise potential synergies.

Posted by : Dubai PR Network Editorial Team
Viewed 20429 times
PR Category : Shipping and Logistic
Posted on : Wednesday, October 19, 2016  11:53:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Sultan bin Sulayem: Dubai Maritime Week 2016 reinforces Duba...
Next Story : GAC's Global Husbandry Centre now operating round-the clock
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Chloe introduces the Daisy children's sunglass collection [9742-Views]
Grand Optics exclusive: MARNI eyewear collection [8491-Views]
‘Go Ahead, Love the Sun' with COÉGA Sunwear's Spring/Summer 2017 collection [8125-Views]
#NoFilter: Just High Definition Clean for Our Clothes [6228-Views]
Mouawad - Royale Rings: Masterpieces Fit for a Queen [5990-Views]
Introducing The Levi's® 501® Skinny [5941-Views]
GUESS Spring/Summer 2017 Collection [5862-Views]
With Love On Mother's Day [5746-Views]
Malabar Gold & Diamonds' opened its 11th showroom in Saudi Arabia at Jubail & Re-Opened in... [5728-Views]
Re-Salons and Spas Valentine's event [5630-Views]
L'Oréal Group International Sustainability Workshop hits Dubai [5612-Views]
CH Carolina Herrera: Byzantine Bag Collection [5575-Views]
Ulysse Nardin InnoVision 2: undisputed pioneer of innovations in timekeeping [5569-Views]
Tissot T-Race MotoGPTM Automatic Limited Edition 2017 [5368-Views]
Bridging refinement and watchmaking know-how Corum Golden Bridge Rectangle [5301-Views]
Louis Moinet celebrates 200 years of the chronograph [5295-Views]
PUMA and Daily Paper tap into African Heritage, keeping it fresh for Spring-Summer ‘17 [5234-Views]
Intimissimi Italian lingerie presents the Valentine's Day Collection [5179-Views]
Great Britain One Pro Cycling Team visit F&F Store for Styling Tips [5148-Views]
Ulysse Nardin North Sea Minute Repeater [5020-Views]
Start a love affair with DUNE LONDON - Dune London SS17 [4984-Views]
LG and Google Partner to Develop First Android Wear 2.0 Watches [4923-Views]
Runway Anywhere and Everywhere: the Michael Kors Collection Fall 2017 Runway Show Will Be ... [4868-Views]
Roderer launches bespoke Trophy line in Dubai [4813-Views]
Calzedonia Valentine's Day 2017 Straight to your heart [4703-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories