(MENAFN) Gulf Navigation Holdings stated that a new joint venture with Deutsche Securities and King and Spalding would be launched in Saudi Arabia, reported Arabian Business.
The company said that the new venture would own four very large crude carriers (VLCC) in Saudi Arabia. The company added that its plans for the subsidiary to have a total of 9 VLCCs over the course of the coming four year.
Gulf Navigation added that once necessary approvals are secured, the new venture would be listed in the Saudi stock market.
The company's five-year plan would see the expansion of the carrying capacity of crude oil to 18 million barrels, chemical carriers to 12 and establishing an Aframax and offshore fleets.
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