ADNOC Logistics acquires Speedy assets in the UAE

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Source: (MENAFN – Al-Bayan)

  • Abu Dhabi – Al-Bayan

Date: 02 March 2021 ADNOC Logistics and Services, the freight and logistics arm of the Abu Dhabi National Oil Company (ADNOC), announced the acquisition of Speedy Higher’s Speedy assets in the UAE.

Speedy, a joint stock company listed on the London Stock Exchange, specializes in leasing equipment for the UK oil and gas, construction and industrial sectors.

According to the terms of the agreement, ownership of Speedy vehicles, its inventory and fixed assets in the Middle East region will be transferred to ADNOC Logistics and Services, adding more than 2,000 vehicles to ADNOC Logistics and Services’ asset base, including cranes, forklifts and fire trucks.

Captain Abdul Karim Al Mosabi, CEO of ADNOC Logistics and Services, said: “Our acquisitions and expansion are part of the ADNOC Smart Growth 2030 strategy.

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