Odfjell forms Dubai chems tanker jv with Saudi Arabia's NCC

16 June 2009 08:47  [Source: ICIS news]

LONDON (ICIS news)--Norwegian tanker operator Odfjell has signed a joint-venture agreement with Saudi Arabia’s National Chemical Carriers (NCC) to establish a company in Dubai, it said on Tuesday.

The partners planned to operate their respective fleets of chemical tankers in a joint pool for trading in chemicals, vegetable oils and clean petroleum product markets worldwide.

The new company would start operations in early 2010 with 15 vessels and a total dead weight tonne (dwt) capacity of nearly 680,000 tonnes, which would grow to 31 vessels and a dwt capacity of nearly 1.4m tonnes over the next three years, Odfjell said.

The 50:50 joint venture would capitalise on the chemicals capacity expansions in Saudi Arabia and other Middle East countries, transporting the products to international markets, Odfjell added.

NCC is 80% owned by the National Shipping Company of Saudi Arabia (NSCSA), with petrochemicals group SABIC holding a 20% stake.

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By: Mark Watts
+44 20 8652 3214

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