Abu Dhabi – Mubasher: Al Seer Marine, a subsidiary of International Holdings Company (IHC), has created a AED 624 million joint venture with BGN International, an energy, trading, storage, and transportation company.
The joint venture aims to acquire a portfolio of very large gas carriers (VLGCs) for the transport of liquefied petroleum gas (LPG), according to a press release on Wednesday.
In the meantime, the joint venture will award Hyundai Heavy Industries (HHI) in Korea to establish two new VLGCs, with a capacity of 86 000 cubic meters.
The new-build VLGCs are set to be delivered in the first and second quarters of 2023 respectively.
These vessels are limited in supply, with only 312 VLGCs in the world as of the beginning of the year and 18 of those operating as storage units.
Al Seer Marine’s Chairman, Readh Al-Kindi, said: "The partnership will bring together operational, regional, and financial expertise to manage the initial portfolio of VLGCs we have just acquired as well as the growth potential in the marketplace."
Meanwhile, the CEO of BGN International, Ruya Bayegan, commented: "With continued growth for LPG demand, expanding BGN’s global infrastructure will be critical. This joint venture with IHC and Al Seer Marine represents another strategic partnership for BGN and an opportunity for scalable growth in the foreseeable future."
