OIL IS THE LIFEBLOOD OF MODERN CIVILISATION AND TANKERS ARE THE LIFELINE OF OIL SUPPLY
Life without oil is unthinkable. Oil by volume is the most traded commodity. Oil is used:
to fuel cars, planes, trains and ships and as a lubricant for engines
to generate electricity and power
in medicines and chemicals
in farm fertiliser and to help growing crops
in the manufacture of electric components
to make paint and preservatives
in producing plastics for general domestic and industrial use
OIL AND TANKER BUSINESS
Tankers carry about 40% of world’s seaborne trade. About 99.98% of all oil transported by sea reaches its destination safely. About 60% of the world’s crude oil is transported by seagoing tankers.
Crude is generally transported in larger vessels known as:
| Ultra large crude carriers (ULCCs) |
Tankers in excess of 320,000 DWT. |
| Very large crude carriers (VLCCs) |
Tankers in the 200,000 – 320,000 DWT. |
| Suezmax |
Tankers in the 120,000 – 200,000 DWT. |
| Aframax |
Tankers in the 75,000 – 120,000 DWT. |
| Panamax |
Tankers in the 55,000 – 70,000 DWT. |
MILESTONES ON UAE OIL & TANKER
| 1958 |
First commercial discovery of oil in Abu Dhabi at Bab field (onshore field). |
| 1962 |
First shipment of oil from Umm Shaif field (offshore crude oil). |
| 1963 |
First export from the Jebel Dhanna terminal (onshore crude oil). |
| 1971 |
Incorporation of Abu Dhabi National Oil Company (ADNOC). |
| 1975 |
Incorporation of Abu Dhabi National Tanker Company (ADNATCO). |
| 1976 |
Abu Dhabi’s first refinery was commissioned at Umm Al Naar. |
| 1981 |
A 120,000 barrel-a-day refinery was commissioned at Ruwais. |
| 1998 |
Establishment of Abu Dhabi Polymers Company Limited (Borouge). |
| 1999 |
Borouge awards contract to build one of the world’s most sophisticated polyethylene plant in Ruwais. |
