Through their AED 625 million (USD 170 million) joint venture, ABGC DMCC, the two companies collaborate on purchasing vessels used for transporting liquefied petroleum gas (LPG) around the globe
BGN and Al Seer Marine joint venture expands LPG fleet. (Credit: Hands off my tags! Michael Gaida from Pixabay)
Global energy powerhouse BGN and Al Seer Marine (ADX: ASM), the global player across multiple marine sectors and a subsidiary of the International Holding Company (IHC), are working together to supply the growing global demand for cleaner fuel-burning sources. Through their AED 625 million (USD 170 million) joint venture, ABGC DMCC, the two companies collaborate on purchasing vessels used for transporting liquefied petroleum gas (LPG) around the globe.
“We believe LPG will be a key component of the global energy transition for years to come, and we are excited to work with Al Seer Marine on continuing the disciplined capital investment in our LPG fleet,” said Emin Imanov, CEO of BGN.
ABGC DMCC recently purchased three VLGCs powered by LPG fuel for ABGC DMCC: two 88,000 m3 carriers from Hyundai Samho Heavy Industries and one 86,700 m3 liquefied petroleum gas (LPG) and liquefied ammonia gas (NH3) carrier from Kawasaki Heavy Industries, Ltd (KHI). The new carriers are due for delivery in the last quarter of 2025 and the first quarter of 2026.
“We are in a prime position to lead in the VLGC fleet space, where we will lean on our experience and technical strengths. This partnership will bring together operational, regional, and financial expertise to manage the initial portfolio of VLGCs we have just acquired, as well as the growth potential in the marketplace,” said Guy Neivens, CEO of Al Seer Marine.
“BGN is committed to advancing environmental sustainability by developing industry-leading solutions. We must take these important steps through collaboration and partnership, and ABGC DMCC is a great start towards pursuing lower carbon goals in the energy space,” added Imanov.
The partners said the overall objective of ABGC DMCC is to provide cost-effective, scalable infrastructure solutions to facilitate the growing interest in LPG transport and storage where ship transport is the primary or earliest available export option. Strategically increasing ABGC DMCC’s fleet is a prudent way to accelerate lowering the carbon footprint in the energy industry.
Source: Company Press Release