During the glitzy festivities of Posidonia 2024, the shipping industry’s main global event held in Greece, Adnoc subsidiary Adnoc Logistics & Services on 3 June announced a $1.5bn deal to acquire Singapore-based international tanker firm Navig8. Adnoc is paying $1bn for 80% of the shipping company in a deal backdated to 1 January 2024, with the remaining 20% to be acquired in 2027.

“The addition of Navig8’s presence in 15 international cities, fleet of tankers and world-class services will expand our geographical footprint and service offering, cementing our position as a leading global energy maritime logistics and services company,” Adnoc L&S CEO Captain Abdulkareem al-Masabi says. (CONTINUED - 1724 WORDS)