Saudi's Aramco approves tanker fleet merger with Bahri
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Saudi's Aramco approves tanker fleet merger with Bahri

Saudi's Aramco approves tanker fleet merger with Bahri

Saudi Aramco has announced it has agreed to merge its maritime division with the kingdom's state-owned shipping line to create the world's fourth-largest tanker operation, the Associated Press has reported. The $1.3bn merger will transfer the fleet of the company's sea-going subsidiary, Vela International, to the state shipping company Bahri, said the chief executive of Aramco, Khaled Al-Faleh. Under the terms of deal, Vela will transfer its entire operations and fleet that includes 14 large crude carriers. For an initial 10-year period, Bahri will be the exclusive provider of crude shipping services for Aramco.

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