Page 9: of Maritime Reporter Magazine (June 2004)

New Joint Venture Tanker

Company Sets Sail $430 Million Joint Venture to

Eye Gas Ships Next '.'

Gulf Energy Maritime PJSC, or GEM, is a new $430 million joint venture ship- ping company, launched last month.

Headquartered in Dubai, GEM is owned by Emirates National Oil Company (ENOC) (35%); Abu Dhabi-based

International Petroleum Investment

Company (IPIC) (30%); Oman Oil

Company (30%); and Thales (5%).

The company is intent on capitalizing on the worldwide ban on single hull tankers, and will start with two Double

Hull Panamax ships, with four more

Panamax newbuilds under construction at Hyundai Heavy Industries for deliv- ery by 2005. Initially, the company will only transport clean petroleum products and easy chemicals, including naphtha, kerosene, MTBE, methanol, jet fuel,

MOGAS, and other hydrocarbons. "With the launch of this clean petroleum product tanker company, we are herald- ing a new era in environmentally friend- ly, high quality and commercially-driv- en shipping in the region," said ENOC

Group Chief Executive and Board

Member Hussain Sultan, and the first chairman of GEM. "This is a great win- dow of opportunity for us to assume a leading role in the global shipping lanes." Its strategy will include the oper- ation of vessels in a portfolio of long, medium term and spot charters. "The GEM investment represents a double first for IPIC, marking IPlC's first participation in the shipping sector, and its first investment in a UAE-based joint venture." said Mohamed N. A1

Khaily, Managing Director, IPIC.

GEM will be managed as a stand- alone entity independent of sharehold- ers. "Shareholders however, have access to significant amounts of potential car- goes," said Sultan. "This, coupled with access to competitive finance and the fact that we will be operating from the tax free low cost environment of the

UAE, are competitive edges that Gulf

Energy Maritime has when bench- marked against other industry players."

Xavier Thuriot, Chairman & CEO of

Thales International Middle East, said "The participation of Thales in this proj- ect is fully in line with our long-term commitment to the UAE. Through the country's offset program, we are proud to contribute to the creation of a UAE company able to provide competitive solutions at international standards." / / HH \ ||IW» » ''

Hatem Fawzy, Director, Offsets Ventures;

Ahmed Al Wahaibi, Deputy CEO, Oman Oil

Company; Hussain M. Sultan, Group Chief

Executive and Board Member, ENOC; Khadem

Al Qubaisi, Investment Division Manager,

International Petroleum Investment Company of

Abu Dhabi; Xavier Thuriot, Chairman & CEO,

Thales International Middle East. •V / - . t ' ' 71 * / ! ) f ? J *

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