What's Hot

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Empowering the Future: SourceLess Presents Revolutionary Solutions at Europe’s Premier Crypto Gathering, Web3 Berlin 2023

    June 2, 2023
    Facebook Twitter Instagram
    Trending
    • EU’s €1.1 billion bicycle exports highlight shift to sustainable living
    • Strengthening UAE-India relations: Top diplomats discuss economic partnership
    • Empowering the Future: SourceLess Presents Revolutionary Solutions at Europe’s Premier Crypto Gathering, Web3 Berlin 2023
    • Ayurveda vs science: Decoding the cold water conundrum
    • UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar
    • Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy
    • Unveiling the most overlooked early heart attack symptom
    • Datamars Acquires Kippy – Advanced Tracking Technology Offers Pet Owners Peace of Mind
    • Home
    • Contact Us
    South Africa GazetteSouth Africa Gazette
    Sunday, June 4
    • Automotive
    • Business
    • Entertainment
    • Health
    • Luxury
    • Lifestyle
    • News
    • Sports
    • Technology
    • Travel
    South Africa GazetteSouth Africa Gazette
    Home » Al Seer Marine and BGN International in AED624 million JV

    Al Seer Marine and BGN International in AED624 million JV

    September 9, 2021
    Share
    Facebook Twitter LinkedIn Pinterest Email
    Al Seer Marine, a marine company in the Middle East region that is engaged across multiple marine sectors, has announced the formation of a joint venture with BGN International, one of the leading energy, trading, storage, and transportation companies, to acquire a portfolio of Very Large Gas Carriers (VLGCs) for the transport of Liquefied Petroleum Gas (LPG).
    Al Seer Marine and BGN International in AED624 million JV

    In addition, the joint venture has agreed to award Hyundai Heavy Industries (HHI) in Korea with an order to build two new VLGCs, both sized at 86,000 cubic metres capacity. The new-build VLGCs are due for delivery in the first and second quarters of 2023 respectively. The propulsion machinery of each ship will be LPG fuelled, making them environmentally friendly with fewer emissions.

    Reahd Al Kindi, Al Seer Marine’s Chairman, said, “Continued global demand for cleaner fuel-burning sources such as LPG in emerging markets will require greater infrastructure including VLGCs. We have identified this as an area of tremendous long-term growth and with the backing of the IHC, agreed to a partnership with BGN, one of the leading LPG and energy suppliers in the world. The partnership will bring together operational, regional, and financial expertise to manage the initial portfolio of VLGCs we have just acquired as well as the growth potential in the marketplace.”
    The partnership marks a shift in strategy for Al Seer Marine, which previously engaged in multiple marine sectors such as high-tech boatbuilding, unmanned systems development, and manufacturing. The company also has a training institute, Al Seer Marine Training Institute (ASMTI), for product training, maintenance, and support services as well as supply logistics, 24×7 yacht management and project management.
    Ruya Bayegan, CEO of BGN International, said, “With continued growth for LPG demand, expanding BGN’s global infrastructure will be critical. This joint venture with IHC and Al Seer Marine represents another strategic partnership for BGN and an opportunity for scalable growth in the foreseeable future.”
    Al Seer has identified an area of growth when it comes to exporting LPG and LNG (liquified natural gas) utilising VLGCs. These vessels are generally 250 to 300 metres long and have four to six storage tanks on board, capable of loading anywhere between 100,000 to 200,000 cubic metres of gas.
    “We have ordered two vessels from Hyundai Heavy Industries, the largest shipbuilder in the world, and depending on how we see demand, may well purchase further vessels or order more,” Al-Kindi added. There is a limited supply of vessels, with only 312 VLGCs in the world as of the start of the year, and 18 of those operating as storage units.

    Keep Reading

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    Global stocks surge as US debt ceiling agreement brings relief

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    European Investment Bank supports circular economy with €3.4 billion lending

    Successful UAE-India partnership stands as a model of bilateral cooperation

    Latest News

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Ayurveda vs science: Decoding the cold water conundrum

    June 2, 2023

    UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar

    June 2, 2023

    Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy

    June 1, 2023

    Unveiling the most overlooked early heart attack symptom

    June 1, 2023

    Sony faces antitrust probe in Romania over PlayStation’s market dominance

    May 31, 2023
    © 2022 South Africa Gazette | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.