Gulf Navigation Holding has entered into an agreement with MENA Energy to acquire or order up to 12 new vessels.

The fully integrated ship owning firm, which is listed on the Dubai Financial Market, will acquire vessels to be time-chartered to Dubai-based MENA Energy for carrying crude and petroleum products, the company said in a statement.

The “strategic alliance” between the two firms would “strengthen existing fleet of tanker and support growing oil trading activity”, said MENA Energy chief executive Rashid al Ghurair.

MENA Energy speclialises in trade of crude oil and petroleum products, besides managing petroleum products storage tank terminals. It also owns and operates crude oil and product tankers.