Doha: The National Shipping Company of Saudi Arabia (Bahri) has provided details of its merger with Vela. Vela is a subsidiary of the world’s largest producer and exporter of oil, Saudi Arabian Oil Company (Aramco).
The two national companies signed a landmark merger agreement in 2012.
At a press conference, Bahri ceo Saleh Al-Jasser said after completion of the merger deal estimated to be worth SR12bn, they will have the biggest fleet in the kingdom.
He said the deal includes shifting the whole fleet of Vela, consisting of 14 VLCCs used for floating storage, five refined petroleum product tankers, all crew of Vela’s carriers, employees and part of its business systems, so that they can be integrated within Bahri’s structure. [12/06/14]
Bahri: Middle East’s largest owner enters dry bulk