UAE oil company spends $1.3bn expanding tanker fleet after OPEC exit

Abu Dhabi National Oil Company (ADNOC), the UAE's largest oil producer, has spent $1.3 billion expanding its tanker fleet following the country's withdrawal from OPEC and increased oil exports, Bloomberg reports.

The outlet said the acquisitions will almost double ADNOC's fleet of very large crude carriers (VLCCs), increasing the number from eight to 14.

The company has also purchased five vessels for transporting natural gas.

All of the tankers, along with three very large gas carriers, were acquired on the secondary market.

ADNOC is expected to take delivery of the vessels during the current quarter.

The UAE withdrew from OPEC and OPEC+, which comprises 11 member states, on May 1.

ADNOC Chief Executive Sultan Ahmed Al Jaber said at the time that the decision was driven by the country's sovereign interests and was not directed against other nations.

By Bakhtiyar Abbasov