The National Shipping Company of Saudi Arabia (Bahri) has secured a loan to fund the acquisition of five chemical tankers.
Its subsidiary National Chemical Carriers will receive $133.2m from BNP Paribas and Arab Petroleum Investments Corporation.
Bahri said in a stock exchange filing that the loan will be provided through a 10-year murabaha facility.
A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.
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