DUBAI, Oct 21 (AFP) - Gulf Energy Maritime has ordered five oil tankers
from South Korean shipbuilders Hyundai Mipo Dockyard, in a deal worth 180
million dollars announced Thursday.
Three of the double-hulled tankers will have a 37,000-ton capacity and the
two others 47,000-ton capacity. They are to be delivered in 2006 and 2007, a
GEM statement said.
"This contract reflects the continued expansion of GEM and its extensive
servicing of regional and international customers," chairman and chief
executive officer Hussein Sultan said in a statement.
GEM was established earlier this year as a joint venture between the
Dubai-headquartered Emirates National Oil Co., Abu Dhabi's International
Petroleum Investment Co., Oman Oil Co. and French electronics and defence
The company, with a capital of 430 million dollars, said it was seeking to
fill a niche by replacing outlawed existing single-hulled ships with