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Abu Dhabi to merge shipping, port companies

|By Arabian Post Staff| Adnoc announced plans to merge Abu Dhabi National Tanker Co., Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co. by the end of 2017.

The new shipping company will operate more than 165 vessels, including vessels to carry liquefied natural gas, chemicals and bulk cargo, Adnoc said.

The consolidation is expected to lead to improved efficiency and savings. The move is seen as part of the emirate’s plan  to reduce spending in the wake of oil price drop.

Similar moves to merge two biggest banks and unifying sovereign investment funds such as International Petroleum Investment Co. and Mubadala Development Company have already been announced. It’s also consolidating offshore energy businesses Abu Dhabi Marine Operating Co. and Zakum Development Co.