Hyundai Heavy Industries lets $70 million tanker contract to ENOC unit

Eric Watkins
Middle East Correspondent

NICOSIA, June 16 -- Emirates National Oil Co.'s (ENOC) transportation subsidiary Dubai Shipping Co. (DSC) has awarded South Korea's Hyundai Heavy Industries Co. (HHI) a $70 million contract to build two 75,000 dwt double-hulled, clean product tankers for delivery in 2005.

The contract was signed on Saturday in Dubai by ENOC CEO Hussain Sultan, HHI Vice-Pres. Ship Sales B.O. Kim and Anis Al Jallaf, and the CEO of Emirates Bank Group, which has been mandated for the financing.

"These tankers, which will carry clean petroleum products, will be state-of-the-art. They will be fitted with the latest deep well pumps and meet international environment safety requirements for being double-hulled," said Sultan.

The new builds will join a DSC fleet, which currently comprises $150 million of oil and chemical tankers, including two double-hull tankers, five single-hull vessels, and one double-side ship.

In 2000, DSC took possession of Gulf Grace and Gulf Progress—both high-specification, double-hull, 65,000 dwt product carriers—from South Korea's Daewoo Heavy Industries.

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