(MENAFN - Emirates News Agency (WAM)) Gulf Navigation Holdings announced the signing of mandates with Deutsche Securities and King and Spalding, both of Riyadh, to secure the equity and establishment of it's new Very Large Crude Carrier (VLCC) joint venture subsidiary in Saudi Arabia. The new company will list in the Saudi financial market once approval is obtained.
Deutsche Securities, a subsidiary of Deutsche Bank, is the largest financial advisor in the Middle East and North Africa.
King '&' Spalding is a major American firm specialised in international law and has offices in many GCC countries including Saudi Arabia and the UAE.
Gulf Navigation's new entity in the Kingdom will immediately own 4 VLCC carriers and expand the fleet to 9 vessels by 2015 according to the Company's 5-year strategic plan which started this year.
The 4 Very Large Crude Carriers include Gulf Sheba and Gulf Eyadah, which is chartered for 2 years for more than 100 million Dirhams, and 2 new buildings, to be delivered in 2012 and early 2013, chartered for more than 1 billion Dirhams.
The GNH plan calls for expansion of the carrying capacity of crude oil to 18 million barrels, chemical carriers to 12 and establishing an Aframax and offshore fleets.
It also calls for listing Company subsidiaries in international financial markets in order to achieve additional share value for it's shareholders.