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New strategic shipping joint venture
ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics subsidiary of the Abu Dhabi National Oil Company (ADNOC), has unveiled a new strategic joint venture with Wanhua Chemical Group (Wanhua).
The new company, named AW Shipping, will own and operate a fleet of very large gas carriers (VLGCs) and modern product tankers. It will be responsible for transporting 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. According to Liao Zengtai, Chairman of Wanhua, the new venture will make an important contribution to China’s ‘One Belt, One Road’ project.
The formation of AW Shipping follows a 10-year LPG supply contract signed between ADNOC and Wanhua in November 2018.
Photo: ADNOC/Wanhua
