By boosting its merchant fleet, parent company ADNOC will be able to sell more of its commodities on a ‘delivered basis’, increase its global reach, unlock new market opportunities and extend the value of its supply chain.
The two firms have been working together since 2010, with Petrasco starting its logistics support for Flowline in the Middle East three years ago.
During this project the yard has achieved over 700,000 LTI free man-hours.
Acquisitions in the pipeline will be financed from the company’s own funds and banking finance, the CEO said.
Construction on the terminal commenced in November 2016, with the first permanent pile completed by the end of May 2017.
The cause of the fire is still unclear, but no one is believed to have been injured by the incident.
The Maersk shipping and transport group is to split its operations in two to focus more closely on surviving in two markets experiencing deep uncertainty and instability.
The Iranian Navy has prevented another pirate attack in international waters, this time saving an oil tanker.
Nuclear accord for Iran will give tanker carriers major opportunity to enter market for Iranian oil exports.
At least 100 offshore vessels on order will be cancelled and at least 85 floating rigs and 129 jack-up rigs will be retired says new report.
McDermott will construct and install 12 jackets for offshore oil and gas fields in Saudi Arabian waters.
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