Abu Dhabi National Oil Co. (ADNOC) has invested $1.3 billion in expanding its tanker fleet to increase profits from oil exports after leaving OPEC. This is reported in the press release of ADNOC.
The shipping division of ADNOC has increased the number of supertankers from 8 to 14 for the transportation of 2 million barrels of oil and acquired five ships for the transportation of propane.
ADNOC uses its own vessels and chartered tankers to transport crude oil and refined products, and has also organized the transportation of oil through a pipeline bypassing the Strait of Hormuz.
Saudi Arabia, which also owns a large fleet of tankers, uses its own pipeline through which crude oil from fields in the Persian Gulf is transported across the Arabian Peninsula to the Red Sea for export.
ADNOC is the state—owned oil and gas company of the Emirate of Abu Dhabi in the UAE. The headquarters is located in Abu Dhabi.
