Middle East Economic Survey
VOL. XLVIII
No 1
3-January-2005
UAE
GEM Signs $63Mn Facility To Purchase Two Tankers
Dubais Gulf Energy Maritime (GEM), a subsidiary of Emirates National Oil Company (ENOC), has signed a Dh231mn ($63mn) term facility with Emirates Bank to finance the construction and purchase of two double-hulled product/chemical tankers. The vessels are part of a five-tanker order worth Dh662mn ($180mn) that GEM placed with South Koreas Hyundai Mipo Dockyard Company in October last year...
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