ADNOC to consolidate its three companies
ADNOC, Petroleum Services Company (ESNAAD) and Abu Dhabi Petroleum Ports Operating Company (IRSHAD) will be combined to optimize resources and assets.
“This consolidation is aligned with our long-term vision and the core pillars of our business strategy, focused on efficiency, performance, profitability and people," Dr. Sultan Al Jaber, UAE minister of state and ADNOC CEO, said. "By leveraging the experience and assets across the three companies, we aim to deliver an improved and cost-effective service to meet the needs of the ADNOC Group. The consolidation will capture synergies, generate savings and ensure value creation. Upon completion of the integration, the new company will be uniquely positioned to further extend its services to customers worldwide.”
The new company will provide global seaborne transportation and storage services related to petroleum products. It will also offer a range of marine, port, oilfield and logistic services.
Work on consolidating the companies is being guided by an ADNOC-appointed steering committee. The consolidation is expected to be completed by the end of next year.
The National Gas and Shipping Company (NGSCO), in which ADNOC owns a 70 percent stake, will continue as a separate company. ADNOC intends to transfer its NGSCO shareholding to the new company.