Gulf Navigation Holding will purchase two very large crude carriers (VLCC) this year.
The company said the tankers will cost $95m-$105m.
Gulf Navigation expects the carriers to be delivered before 2013, according to Bloomberg.
The company owns one VLCC and a Suez-max class crude tanker, which is capable of shipping one million barrels of crude oil.
Gulf Navigation said the rise in oil output requires 45 VLCCs for crude supply next year.