15 February 2011
DUBAI: Gulf Navigation Holding, Dubai-based oil-tanker owner, announced plans on Monday to double its supertanker fleet and set up a company in Saudi Arabia to operate it.

Shares of the Saudi unit may be sold in a public offering after two or three years, a Bloomberg report quoted company vice-chairman Ghazi Al-Ibrahim as saying in Dubai.

"The Kingdom was selected due its stature in the crude oil market, as the world's biggest exporter and user of VLCC tankers," the company statement said.

The VLCC fleet will expand to nine by 2015.

The new company will be set up in Saudi Arabia with partners from Gulf countries and with a capital of SR1.66 billion ($442.6 million), said Al-Ibrahim.

© Arab News 2011