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UAE's ADNOC and Wanhua Chemical form shipping JV

ADNOC Logistics and Services (ADNOC L&S), a subsidiary of the Abu Dhabi National Oil Company (ADNOC)[ADNOC.UL] said on Tuesday it had formed a shipping joint venture with Wanhua Chemical Group.

DUBAI, Aug 4 (Reuters) - ADNOC Logistics and Services (ADNOC L&S), a subsidiary of the Abu Dhabi National Oil Company (ADNOC)ADNOC.UL said on Tuesday it had formed a shipping joint venture with Wanhua Chemical Group.

The new company, AW Shipping Limited, is incorporated in Abu Dhabi Global Market (ADGM), a statement by ADNOC said.

AW Shipping will own and operate a fleet of very large gas carriers (VLGCs) and modern product tankers.

The company will transport liquefied petroleum gas (LPG) cargoes and other petroleum products, sourced from the ADNOC Group and global suppliers, to Wanhua Group's manufacturing bases in China and around the world.

It will also pursue other market opportunities to deliver maximum fleet efficiency, the statement said.

The formation of AW Shipping follows a 10-year LPG supply contract signed in November 2018 between ADNOC and Wanhua.

(Reporting By Maha El Dahan; editing by David Evans)

((Maha.Dahan@thomsonreuters.com; + 9712 4082101; Reuters Messaging: maha.dahan.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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