Gulf Navigation acquires two petrochemical carriers

Dubai

Gulf Navigation Holding announced on Wednesday it is acquiring two petrochemical carriers to increase the company’s fleet capacity to meet demand in the region.

The acquisition of Gulf Mishref and Gulf Mirdif brings the company’s assets to a value of Dh1.08 billion from Dh959 million, the company said in a statement.

Gulf Navigation said the acquisition will help it meet growing demand in the oil derivatives market, which is set to expand over the next 10 years. It said the acquisition will also increase its profits and support financial performance.