GEM, a joint venture partnership between Dubai's Emirates National Oil Company (ENOC), Abu Dhabi's International Petroleum Investment Company (IPIC), the Oman Oil Company (OOC) and Thales of France, is Middle East's largest independent commercial product and chemical tanker operator with an asset value of over $1 billion. The company owns a mixed fleet of 17 ships which include Handy, MR (IMO2) and LR1 tankers. Additionally there are 2 LR2 new builds on order to be delivered in the year 2012.