National Shipping Company of Saudi Arabia (Bahri) has combined with Arab Petroleum Investments Corp in a new $1.5bn VLCC venture.
Bahri says the new vehicle will buy up to 15 VLCCs, a move which would give it the largest fleet in the sector.
Abdulrahman Mohammed Al Mofadhi, chairman of Bahri, said, “This fund will not only reduce Saudi Arabia’s dependence on external crude carriers but also its earnings will be reinvested in the local economy.”
Bahri
