shareholder, the TransPetrol Group, had agreed to sell its 46 percent stake in Benor to General Maritime Corporation of New York.

Transpetrol would sell its 10.1 million shares at $4.80 per share, the company said in a statement.

Benor said Transpetrol had made it a condition of the sale that all other Benor shareholders would be unconditionally offered the same price for their shares after satisfactory outcome of the due diligence process.

Transpetrol would also purchase Benor's Suezmax tanker interests and would continue to manage the company's fleet wholly or partly for up to two years.

General Maritime, whose principal is Peter Georgiopoulos, owns and operates ten Aframax and Suezmax tankers, Benor said.

No-one at Benor was available for further comment.

At the end of 1998 Benor operated a fleet of 13 middle range product carriers, five long range product carriers, three Panamax tankers and two Aframax tankers and was a part owner of a 1996-built Suezmax tanker.

It also had two Suezmax tankers being built in Korea for delivery in 2000 but said in February that one of the vessels would be sold on delivery.