A new joint venture company, AW Shipping, has been created to serve the Wanhua and ADNOC groups in the transportation of LPG and other petroleum products. The plan is that AW Shipping will own and operate a fleet of large gas carriers and product tankers and will support a 10-year LPG supply contract signed between Abu Dhabi-based ADNOC and Wanhua of China.
The new company will be responsible for transporting cargoes, sourced from the ADNOC group and global suppliers, to Wanhua’s manufacturing bases in China and around the world. In addition, to ensure fleet efficiency, AW Shipping will pursue third party cargo opportunities as they arise.
H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: “The joint venture further solidifies ADNOC L&S’ position as the largest, fully integrated logistics and shipping company in the UAE and paves the way for the transportation of greater LPG volumes to China, in line with market demand. The establishment of AW Shipping supports ADNOC’s smart growth and value creation strategy and is another example of how ADNOC is stretching the margin from every molecule that we produce, refine, ship and sell, while also forging stronger partnerships in key growth markets.”