BGN and Al Seer Marine Joint Venture Expands LPG Fleet

The companies have secured acquisition of three Very Large Gas Carriers for transporting liquefied petroleum gas.

DUBAI, UAE, March 3, 2023 /PRNewswire/ -- 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.

About BGN
BGN is a fully integrated energy trading company. BGN leverages upstream trading with downstream solutions, particularly LPG, crude oil, refined petroleum, chemical feedstocks, and freight. The global network of BGN encompasses its trading activities in every major energy market worldwide, in over 120 countries, with headquarters in Dubai and 23 regional offices in strategic markets, including Houston, Geneva, Singapore, and Morocco. For more information, please visit bgn-int.com.

About Al Seer Marine:
Al Seer Marine Supplies and Equipment is a publicly listed company in the Abu Dhabi security exchange market (ADX: ASM); it was established in 2003 and is headquartered in Abu Dhabi, UAE. Al Seer is a leading marine company in the Middle East Region, with a portfolio of services including the management and training, Construction of vessels, High-tech boatbuilding, Unmanned systems development, and manufacturing. Al Seer Marine employs more than 1200 people onboard and ashore from more than 50 nationalities. For more information, please visit alseermarine.ae.

Media Contact: Merve Batikan
media@bgn-int.com

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SOURCE BGN