UAE’s Adnoc Buys $1.3 Billion of Tankers as Oil Exports Boom
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gCaptain - Maritime & Offshore News
Abu Dhabi National Oil Co.’s shipping arm almost doubled the number of its Very Large Crude Carriers, which can carry about 2 million barrels of crude, to 14 from eight, according to a statement.
It also bought five ships that carry fuels like propane.
Oil tanker markets have been shaken up this year after a South Korean tycoon, with backing from a unit of the world’s biggest container shipping company, snapped up dozens of supertankers.
The UAE has also been able to route oil through a cross-country pipeline skirting Hormuz.
Saudi Arabia, which also owns a large tanker fleet, has been relying on its own pipeline, pumping crude from its fields near the Gulf across the Arabian peninsula to the Red Sea for export.