Sign up
Log in Sign up
Tue 29 Jun 2010, 06:19 GMT

ENOC takes the chair at Gulf Energy Maritime


Oil company is handed the chairmanship of leading Middle East product tanker operator.

International Petroleum Investment Company (IPIC), the Abu Dhabi-based oil and chemicals foreign investment group, has handed over the chairmanship of Gulf Energy Maritime (GEM) - the Middle East's largest independent commercial product tanker operator to Dubai-based Emirates National Oil Company (ENOC).

In accordance with a shareholders' agreement, the chairmanship rotates every three years between IPIC and ENOC - two of GEM's major shareholders.

Saeed Abdullah Khoory [pictued], ENOC's Group Chief Executive, has over 30 years of experience in the Oil Sector, spent between ADNOC and ENOC.

"His expertise in both upstream and downstream activities within the UAE is well placed to be a strategic implementer for GEM's further growth," said Ahmed Al Falahi, CEO, GEM.

"His appointment comes at an important time when GEM's good quality ships and cash reserves indicate strong years ahead in terms of business and finance," GEM said in a statement.

As the new chairman, Khoory will now oversee strategies required for the $1bn company as it steps into its seventh year of continued growth. GEM's fleet has tripled from six vessels since inception in 2004 to its current fleet of 17. In addition, two more vessels, both Aframaxes, are scheduled for delivery in 2012.

"Looking forward, and drawing on Khoory's expertise, we will move closer in achieving our goal of expanding into one of the top players in the market. In line with such an objective, we are seriously looking at the market and are putting strategies in place," Al Falahi continued.

"Mohamed Al Mehairi's corporate strategies helped us put to sail several initiatives that have benefited GEM and we look forward to another era under Khoory's leadership to take us further on that growth path," Al Falahi concluded.

Bunkering

ENOC's subsidiary ENOC Bunkering International LLC (EBIL) resumed its offshore bunker supply operations in Fujairah in 2009.

The company, which operates under ENOC’s International Refining and Marketing (IRM) division, also has its own refinery and an extensive fleet of supply tankers for product delivery and discharge.

EBIL is able to offer 380-centistoke (cst) and 180-centistoke fuel, along with marine gas oil (MGO) at Fujairah.

Hapag-Lloyd and DSV logo side by side. Hapag-Lloyd and DSV sign 18,000-tonne CO2e reduction agreement for sustainable marine fuels  

Two-year framework allows inclusion of alternative fuels beyond biofuels in shipping decarbonisation partnership.
Bangkok city skyline. Uni-Fuels opens Thailand office as part of Southeast Asia expansion  

Marine fuel supplier establishes Bangkok entity, appoints managing director with 15 years’ industry experience.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. Corvus Energy to supply battery systems for Washington State Ferries hybrid vessels  

ABB selects Corvus for two new 160-vehicle ferries as part of $3.98bn electrification plan.
Vinssen and Mana Engineering sign MoU. Vinssen, Mana Engineering partner on hydrogen fuel cell retrofit for 800-teu feeder vessel  

South Korean and Dutch firms to pursue Lloyd’s Register approval for hybrid retrofit concept.
Hercules Elisabeth vessel. Hercules Tanker Management takes delivery of second Ultra-Spec vessel in China  

Hercules Elisabeth is the second of 10 hybrid-ready tankers designed for alternative fuels.
Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.




 Recommended