UAE’s Adnoc Spends $2.7 Billion on Ship-Buying Spree

Markets Contact us:Provide news feedback or report an error Confidential tip?Send a tip to our reporters Site feedback:Take our Survey By Alex Longley August 25, 2026 at 1:56 PM UTC Corrected August 25, 2026 at 3:21 PM UTC The biggest oil and gas producer in the United Arab Emirates has ordered two more liquefied natural gas carriers, extending a recent spree of vessel purchases that will help expand energy exports in the coming years. Abu Dhabi National Oil Co.’s shipping arm spent $444 million on the two newbuild LNG ships that will be delivered in 2029, according to a statement. The company has now spent $2.7 billion on vessels this year, spanning newbuild commitments and ships already on the water, it said.