Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Gulf Navigation Rises Most in More Than a Week on Joint Venture

April 26 (Bloomberg) -- Gulf Navigation Holding PJSC rose the most in more than a week as Dubai’s only publicly traded oil-tanker owner hired advisers to form a join venture in Saudi Arabia, the world’s biggest exporter of crude oil.

The shares soared 6 percent, the most since April 17, to 40.8 fils at 1:14 p.m. in Dubai.

Gulf Navigation appointed Deutsche Securities Inc and King & Spalding LLP to "secure the equity and establishment" of a Very Large Crude Carrier venture, the company said. The venture, which plans to list shares on the Saudi stock market, will own four VLCCs and expand the fleet to nine by 2015, it said.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.