ENOC to Supply Lubricants for IMS Oil Tankers
UAE-based Emirates National Oil Company (Enoc) Group has signed a MoU with IMS Oil, international trading operator in Greece, to exclusively supply lubricants for up to 16 product tankers at IMS Oil’s Fujairah and Singapore ports.The partnership expands ENOC’s marine lubricants supply network to over 110 ports in 23 countries worldwide, a statement said.ENOC currently supplies lubricants to marine vessels such as offshore supply boats, container liners, tankers, Navy and Coastguard ships, using a network of transport options including road tanker trucks and pipelines.Saif Humaid Al Falasi, group CEO of ENOC, said: “We continuously aspire to further expand our local, regional and international presence and are excited about the opportunities this presents for the Group.
As Traders Tussle Turkmenistan Cuts Exports
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks, six traders involved in operations said.That happened after Turkmen producers decided to export oil via Russia with the help of Swiss trader Vitol and ditch the previous Azeri route…
Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions
Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since August after South Korea halted imports from Iran while China's demand dropped during summer, according to several industry sources and shipping data.The build-up in Iranian oil supplies underscores the pressure that Iran is facing as Washington aims to bring Iranian oil exports down to zero to force Tehran to re-negotiate a nuclear deal.The Very Large Crude Carrier (VLCC) Felicity loaded condensate at Iran's Assaluyeh port in early August and then set ail for Jebel Ali in the UAE…
Lamprell Wins Daman Corporate Health Award
Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore energy industry is delighted to announce that, last Wednesday 5 November, the Group was declared as a winner at the Daman Corporate Health Awards which took place at the Rosewood Hotel, Abu Dhabi. In total, 47 companies were shortlisted for the finals in 12 different categories. Lamprell won the award for the ‘Improved Corporate Health and Wellness Performance’ category. Lamprell introduced several reforms and innovations that improved overall wellness performance across the organisation, including conducting regular health checks, running various health and safety awareness campaigns as well as organising team-building activities and sports events.
BPC Tenders 170mb Naphtha Parcel
Bangladesh Petroleum Corp (BPC) issued an international tender to sell 170,000 barrels of naphtha on Wednesday for Oct. 27-29 loading from Chittagong, a company official said. The tender will close on Oct. 13, with validity up to Oct. 16. The offer came as the discount on the Asian naphtha price differential for first-half November and first-half December widened to $3.50 a tonne to reach its lowest in six sessions as an excess of cargoes persisted. BPC sold a same-size cargo to Vitol Asia at premiums of $1.32 a barrel to Singapore quotes, the highest since March 2013. Apart from exporting, BPC sells naphtha domestically to privately owned Super Petrochemical. BPC had earlier finalised second-half term contracts for refined oil products at mostly unchanged premiums.
IPIC Takes Over Chairmanship of Gulf Energy Maritime
Abu Dhabi Government-owned investment group, International Petroleum Investment Company’s (IPIC) Khalifa Abdulla Al Romaithi, Head of Portfolio Management Division, has taken over chairmanship of Gulf Energy Maritime PJSC (GEM), from Saeed Abdulla Khoory, Chief Executive officer of Emirates National Oil Company (ENOC). Al Romaithi assumes GEM's top post in its Board of Directors, which rotates every three years between IPIC and ENOC. Khoory remains a board member of GEM and will at the same time focus on his increasing role at ENOC.
Gulf Navigation Holding PJSC Appoints CFO
Gulf Navigation Holding PJSC (DFM: GULFNAV) has announced the appointment of Khalid Karim to the position of Chief Financial Officer Khalid brings to Gulf Navigation over 30 years of experience in major oil & gas and shipping companies in senior finance roles. He joins the company as it enters a new phase in its substantial expansionary plan where he will assist the company in its continuing growth strategy. A chartered accountant and Fellow of the Institute of Chartered Accountants in England & Wales- Khalid held the post of Group CFO at Emirates National Oil Company (ENOC) where he for over the last 10 years was directly involved in ENOC's shipping companies.
New Tanker Company Sets Sail
Hatem Fawzy, Director, Offsets Ventures; Ahmed Al Wahaibi, Deputy CEO, Oman Oil Company; Hussain M. Sultan, Group Chief Executive and Board Member, ENOC; Khadem Al Qubaisi, Investment Division Manager, International Petroleum Investment Company of Abu Dhabi; Xavier Thuriot, Chairman & CEO, Thales International Middle East. GEM – Gulf Energy Maritime PJSC – is a new $430m joint venture shipping company, launched today. The venture, headquartered in Dubai, is 35% owned by Emirates National Oil Company (ENOC)…
New Joint Venture Tanker Company Sets Sail
Eye Gas Ships Next? Gulf Energy Maritime PJSC, or GEM, is a new $430 million joint venture shipping company, launched last month. Headquartered in Dubai, GEM is owned by Emirates National Oil Company (ENOC) (35%); Abu Dhabi-based International Petroleum Investment Company (IPIC) (30%); Oman Oil Company (30%); and Thales (5%). The company is intent on capitalizing on the worldwide ban on single hull tankers, and will start with two Double Hull Panamax ships, with four more Panamax newbuilds under construction at Hyundai Heavy Industries for delivery by 2005. Initially, the company will only transport clean petroleum products and easy chemicals, including naphtha, kerosene, MTBE, methanol, jet fuel, MOGAS, and other hydrocarbons.
ADCB, GEM sign $100m deal
According to reports, Abu Dhabi Commercial Bank (ADCB ) has granted a loan of $100m to Gulf Energy Maritime (GEM) PJSC, a Product / Chemical tanker Company. The Loan agreements were signed yesterday at GEM Offices between Yusr Sultan, CEO of GEM and Shafqat Ali Rana, Head of ADCB's Dubai Corporate Div. and P.P.Saradhi, Vice-President of ADCB in the presence of Hassan Jarrar, Head of Commercial Banking, ADCB. GEM signed this loan with ADCB for their recently ordered vessels Gulf Castle and Gulf Cobalt. These hulls of 75000 dwt each are two out of four Panamaxes ordered in January this year and are the high specification double hulled product tankers, being built at Hyundai Mipo Dockyard. Gulf Castle & Gulf Cobalt are scheduled for delivery in 2009.
