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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.