Sheikh Fahim bin Sultan Al Qasimi, UAE Minister of Economy and Commerce, has approved the setting up of the Dh473.9 million joint stock Gulf Energy Maritime Company.
The capital of the newly created company is divided into 4,739,000 shares with a nominal value of Dh100 each.
According to the statute of the company, Enoc owns 35% of the capital, the International Petroleum Investment Company and Petroleum Development of Oman 30% each, and Maritime Development 5%.
The founders have paid Dh118.4 million, representing 25% of the capital of the company.
The tasks of the company, according to the articles of incorporation, are transportation of petroleum and its derivatives by oil tankers.
The company will also own, lease, and run ships for the purpose of its activities.
It will also carry out maritime activities related to its tasks.
The company, according to the articles of incorporation, may own companies or shares in other companies, related to its sphere of activities. (menareport.com)
© 2004 Mena Report (www.menareport.com)
