IHC’s Al Seer Marine forms AED624 million JV with BGN

IHC’s Al Seer Marine forms AED624 million JV with BGN

Al Seer Marine, a marine company in the Middle East region that is engaged across multiple marine sectors, announced the formation of a AED624 million ($169. 91 million) 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). 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