Dubai – Mubasher: Gulf Navigation announced on Friday entering into strategic alliances with MENA Energy, as a part of strategy of fleet and business expansion for sustainable growth.
Under the agreement, Gulf Navigation would acquire vessels that would be time-chartered to MENA Energy for carrying Crude and the petroleum products, according to a press release.
The navigation company said that it is intended to acquire or order new builds up to 12 vessels ranging between 50,000mt dwt and 120,000mt dwt.
“With this alliance we will be able to strengthen our existing fleet of tanker and support our growing oil trading activity. This brings us closer to our vision of being a leader in Middle Eastern energy trading," Rashid Al Ghurair, CEO of MENA Energy, said.
Gulf Navigation vision is to create shareholder value as a listed, fully integrated ship owning company which transports crude oil and chemical products responsibly and safely in a sustainable manner, and to be among the industry leaders in these sectors, the statement said.
