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Rising Gulf supplies of liquified natural gas (LNG) and chemicals are fueling demand for Asian-built ships. ADNOC Logistics & Services said it signed $4.4 billion in contracts to boost its fleet this year, its CEO said at energy conference ADIPEC. Orders include 10 LNG carriers from South Korea’s Samsung Heavy Industries Shipyard and Hanwha Ocean Shipyard, as well as nine ethane and four ammonia tankers from China’s Jiangnan Shipyard.
Meanwhile, QatarEnergy — one of the world’s top LNG producers — awarded China State Shipbuilding Corp. a contract for six giant LNG carriers in September, raising its total order to $8 billion. Last week, it inaugurated four LNG vessels built by Samsung and Hanwha Ocean, part of its 128-vessel expansion program to support Qatar’s plan to boost LNG output by 85% by 2030.
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ADNOC Gas plans to spend $15 billion over five years, up from a previous estimate of $13 billion, to meet growing demand for the fuel in the UAE and for liquefied natural gas in Asia.
The company plans to acquire a 60% stake in the Ruwais plant from its parent company ADNOC for about $5 billion in 2028. The facility, with a production capacity of 9.6 million tons of LNG per year, will be marketed as a “low-carbon” fuel, according to ADNOC Gas’ Chief Financial Officer Peter van Driel. This approach will “future-proof” its operations to meet Asian buyers’ requirements when the plant begins production.