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Bahri reaches agreement with Aramco on merger deal
- Saudi Arabia: Sunday, October 21 - 2012 at 02:44
Saudi-based National Shipping Co (Bahri) has said it has reached an agreement with state oil giant Saudi Aramco on the terms and conditions of Bahri's merger with Aramco's Vela International Marine unit, Reuters has reported. Earlier in 2012, Saudi Aramco signed an agreement to sell Vela International Marine to Bahri for $1.3bn in cash and shares, a merger that would make Bahri the world's fourth largest owner of very large crude carriers (VLCCs). Vela will transfer to Bahri ownership of its entire fleet, consisting of 14 VLCCs, a floating storage VLCC, one Aframax tanker, and four product tankers, Bahri said. The merger of ships, staff and business systems would leave Bahri with 77 vessels in its fleet, including 32 VLCCs.
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