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ADNOC takes full ownership of IRSHAD

Staff writer |
Abu Dhabi National Oil Company (ADNOC) has become the sole owner of Abu Dhabi Petroleum Ports Operating Company (IRSHAD) after it acquired Smit Lamnalco limited 40 percent share in IRSHAD.

IRSHAD Company was established on January 1979 as a joint venture between ADNOC with 60 percent of its capital share and Land Marine National Contracting Company (LAMNALCO) with 40 percent share to operate and maintain the petroleum and industrial ports of Abu Dhabi.

The deal was signed by Darwish Abdullah Al Qubaisi, director of shared and technical services at ADNOC and for Smit Lamnalco Limited by Shekaib Ali Redha and Tom Bennema, members of the board of directors of the company in the presence of a number of senior officials from both sides.

Pursuant to this acquisition, ADNOC now has complete ownership of IRSHAD, which owns and operates a large fleet of marine vessels of different sizes, powers and capabilities.

Darwish Al Qubaisi praised the huge development and large expansions in the oil and gas sector thanks to the unlimited support of the wise leadership of the UAE. He stressed IRSHAD's commitment and continuous efforts to maintain superiority and to provide high quality marine services to the Petroleum Ports of Abu Dhabi Emirate.

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