Adnoc's maritime and logistics unit is acquiring six line boats for critical marine services across petroleum ports in the UAE capital.
Adnoc Logistics and Services procured the vessels from Sharjah-based Albwardy Damen, the company said on Tuesday.
The deal allows for significant value to flow back to the UAE economy and is in line with the company's efforts to procure more goods and services locally.
"We are committed to boosting our operations by contributing to the development of high-end shipbuilding and repair capabilities within the UAE," said Capt Abdulkareem Al Masabi, chief executive of Adnoc L&S.
"The country is emerging as a global hub for maritime and shipping operations, and we continue to enhance the business environment for shipping and affiliated sectors through such targeted capital expenditure."
The company uses line boats to berth and unberth tankers, as well as to handle hoses at oil terminals.
Adnoc L&S acquired the Damen Stan Tug 1606 type of line boat to provide maritime services. The boats are powered by two Caterpillar engines and have about 16 tonnes of bollard pull, which refers to the force exerted by a vessel under full power.
The company awarded the contract for the line boats in July 2020 to Albwardy Damen, a subsidiary of the Netherlands-based Damen Shipyards Group, a shipbuilding, defence and engineering services company.
The Sharjah-based contractor delivered four vessels to Adnoc L&S in May and two in June. The Dutch group has previously provided the Adnoc Group with 33 vessels.
Adnoc L&S is expanding its fleet capacity. The company acquired two very large crude carriers in April, raising its total crude oil cargo capacity to 16 million barrels in 2021.
The expansion is in line with Adnoc's commitment to raise its overall crude production capacity to 5 million barrels per day by 2030.
Earlier this month, Adnoc L&S signed an agreement with the Roll Group to offer logistics solutions for both onshore and offshore projects.
The Dutch company will offer end-to-end heavy lifting and transport solutions as part of the agreement.
How to protect yourself when air quality drops
Install an air filter in your home.
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ETFs explained
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
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Manchester United 2
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Doucoure 90'
UAE Premiership
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Dubai Exiles 24-28 Jebel Ali Dragons
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Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
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Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
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Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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