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.
GEM, Hyundai Ink Contract for Five Tankers
Gulf Energy Maritime (GEM)has awarded South Korea's Hyundai Mipo Dockyard Co. Ltd. a contract for five high specification double hulled product/chemical tankers for delivery during 2006/2007. The contract, valued at approximately US $180 million, is for three tankers each with a 37,000 ton capacity and two with a 47,000 ton capacity. They will be fitted with the latest deep well pumps and meet international environmental safety requirements by being completely double-hulled. The contract was signed at GEM's Dubai headquarters by Hussain Sultan and Byun Moon-Sung, senior vice president of the Hyundai Mipo Dockyard Co. Ltd., based in Ulsan, Korea.
