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Market Chatter: Adnoc Unit Said to Buy Five Very Large Crude Carriers

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Adnoc Logistics & Services (ADX:ADNOCLS), a unit of Abu Dhabi National Oil Co., recently acquired five very large crude carriers from Norway-listed tanker company Frontline (FRO.OL) for $590 million, Reuters reported Friday, citing three sources familiar with the matter.

According to the report, the company bought three tankers built in 2015 for $120 million each and two 2012-built tankers for $115 million apiece

Adnoc Logistics and Services toldit does not comment on rumors and speculations, saying it "continually reviews its fleet requirements and strategic growth opportunities."

Frontline did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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