Gulfnav in strategic alliance with 'Asmef'

26/10/2017 05:34 AST

THE Dubai-based Gulf Navigation Holding PJSC, listed on the Dubai Financial Market under "Gulfnav", continues its rapid commercial and performance success. Gulf Navigation has announced a potential strategic cooperation with "Asmef" in Abu Dhabi with the intention to establish a joint venture company in rendering services in the oil & gas, offshore, ship building/repairs and marine services. This cooperation seeks to expand and develop business and strengthen the national maritime economy.

This potential cooperation is considered as reinforcement towards exploring the future of energy, production and export services, and the positive and attentive transformation taking place in the most important and largest economies in the Gulf region, specifically the UAE and Saudi Arabia. The countries in the Gulf region are planning to invest at least $140 billion in oil and gas and petrochemicals projects in the next 10 years. This investment will be utilized towards the new oil and gas and transportation projects and to support the maritime operations, in order to meet the future growing demand for energy and oil derivatives and to increase the petrochemical production. It is clear that the national transformation programs and initiatives encourages the involvement of the national private sector in the maritime industrial and services sectors.

There are numbers of new and enormous projects in Abu Dhabi that aims at increasing the oil and gas production capacity supported by ADNOC's innovative and advanced strategy to develop new and high-quality petrochemical products to meet with the increasing demand worldwide, and to increase refinery capacity to create new income resources. Moreover, ADNOC is planning to produce approximately triple the quantity of petrochemicals and high-quality products. This will be achieved by increasing the current oil production capacity of 4.5 million tons per year to 11.4 million tons per year by 2025. Furthermore, Saudi Arabia is planning to increase oil refining capacity from 2.9 million to 3.3 million barrels per day by 2020, as well as, developing and producing high-quality and efficient clean fuel, in addition to maintain the oil production level at 12.5 million barrel per day.

Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding, said "our new strategy targets collaborating with the leading national companies in the UAE, in line with our wise leadership's vision to establish a national maritime industrial cluster that will position the UAE amongst the world's most important maritime centers. We look forward to our potential strategic partnership with "Ali & Sons Marine Engineering", that is considered as one of the leading oil and gas, and maritime service provider in this region. The entity has an excellent ship building and repair facilities, in addition to its advanced marine platform. We aim to jointly expand our current business activities in the maritime sector in order to secure maximum returns on our investments."

Saudi Gazette