The Abu Dhabi National Oil Company (ADNOC) is making waves in the global logistics and energy sectors with a major strategic move. ADNOC Logistics & Services, its logistics arm, recently transferred its tanker fleet to Navig8 following the acquisition of an 80% stake in the company for over $1 billion. This transfer is part of a broader initiative to enhance customer service capabilities and achieve growth in an increasingly competitive market.
As a result of the takeover, ADNOC plans to streamline its operations, which includes reducing a portion of its workforce. The company expects this acquisition to boost earnings per share by at least 20%, alongside annual savings of $20 million starting next year. With this strategic alignment, ADNOC aims to solidify its presence in the logistics sector while fostering operational efficiency.
Source: Reuters
