Middle East Economic Survey

VOL. XLVII

No 46

15-November-2004

UAE

GEM Orders Five Product/Chemical Tankers From Hyundai

Gulf Energy Maritime (GEM), a subsidiary of Emirates National Oil Company (ENOC), has ordered five double-hulled product/chemical tankers from South Koreas Hyundai Mipo Dockyard Company for delivery in 2006-07. The contract, worth around Dh662mn ($180mn), is for three 37,000 ton and two 47,000 ton capacity vessels.At present, GEMs fleet consists of two four-year-old double-hull...