"The Abu Dhabi National Tanker Co (ADNATCO), Petroleum Services Co (ESNAAD), and Abu Dhabi Petroleum Ports Operating Co (Irshad), will be integrated to drive efficiency, optimise resources and assets across their various operations to maximise value," Adnoc reportedly said.
The integration is expected to be completed by the end of 2017.
The National Gas and Shipping Co (NGSCO), in which Adnoc owns a 70% stake, will remain a separate company. However, Adnoc said that it intended to transfer its NGSCO shareholding to the new company, and integrate its operations to maximise potential synergies.
Adnoc said in a statement that the consolidation is expected to bring significant financial and operational benefits. The merger of Adnoc's tanker companies and marine services operations "will be more agile, better able to respond to changing market demands, and be well positioned to take advantage of strategic opportunities for future growth."
The person behind Adnoc's new initiative, Dr Sultan bin Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, said, this consolidation is "aligned with our long-term vision and the core pillars of our business strategy, focused on efficiency, performance, profitability and people."
"By leveraging the experience and assets across the three companies, we aim to deliver an improved and cost-effective service to meet the needs of the Adnoc Group," the Minister said.
The new company will operate over 165 vessels, including LNGCs, bulk carriers, chemical and products tankers, container and container feeder vessels, as well as modern multi-purpose vessels and support vessels.