Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Bahri Aramco Vela form biggest merger in Kingdom  Join our daily free Newsletter

MENAFN - Arab News - 17/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The national shipping company of saudi arabia or nscsa (bahri) and aramco vela have formed the biggest merger in the history of saudi arabia according to saleh n. jasser bahri's ceo.

"the total amount involved is 1.3 billion. the cash payment involved is 832.7 million including the issuance of 7.875 million new shares at sr 22.25 per share" jasser said while addressing a press conference in riyadh. aramco will own 20 percent of bahri shares he added.

the agreements with aramco include a long-term shipping contract exclusive vlcc crude oil shipping provider to aramco sold on delivered basis and the contract includes a tce floor and threshold he said.

he added that a memorandum of understanding (mou) had earlier been signed on july 27 2012 although the definitive transaction agreement signing took place on april 11 2012.

according to him the first egm approval will be in the second quarter of this year the first ship transfer will be in the third quarter and the expected last ship transfer will be in the fourth quarter.

he noted that nscsa is the biggest shipping fleet in the middle east and that forbes middle east recognized bahri as one among the top 500 companies in arab world in 2013.

he added that bahri is the third largest vlcc owner in the world behind mosk and fredriksen.

bahri was foundedin 1978 as a public company with a rich history in building successful partnerships and world class operations and safety records.



bahri has diversified operations that include oil transport gas and offshore liquid chemical general cargo dry bulk and ship management.

he also said that bahri has a strong balance sheet registering net incomes of sr503 million in 2012 and sr 752 million last year.

he stated that on crude oil transport bahri has 17 double hull vlccs young fleet and it's the seventh largest vlcc owner.

"on lpg bahri has a 30.3 percent stake in petredec a leading lpg trader and shipowner and controls a fleet of 77 vessels under operations aggregating approximately 250000 cbm" jasser said.

he added bahri is currently exploring possibilities to enter the offshore support market.

about liquid chemicals his company established national chemical carriers (ncc) in 1990 as a joint venture between bahri (80 percent) and saudi basic industries corporation (20 percent) involving 24 tankers with an average of less than five years.

ncc is the third largest chemical carrier globally in dwt capacity according to him.

bahri has also won awards that include the seatrade awards in 2013 best managed company in the middle east in transport & shipping from euromoney and the saudi public company award in 2010.


 


Arab News




  MENA News Headlines
 May 31 2016 - Qatari Emir heads to Saudi Arabia to participate in GCC 16th Consultative MeetingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOHA, 31st May, 2016 (WAM) -- H.H. the Qatari Emir, Sheikh Tamim bin Hamad Al-Thani, left Doha on Tuesday morning for the Kingdom of Saudi Arabia to take ...

 May 31 2016 - DP World future leaders visit UAE Embassy in SingaporeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) SINGAPORE / DUBAI, 31st May, 2016 (WAM) -- Future leaders of DP World UAE Region met Abdullah Al Mandoos, Acting Charge d'Affaires of the UAE Embassy in ...

 May 31 2016 - UAE- EAD organises workshop on mercury emissions inventoryEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 31st May, 2016 (WAM) -- The Environment Agency - Abu Dhabi, EAD, yesterday organised a workshop to highlight the main findings of the Mercury ...

 May 31 2016 - UAE- Automation is key to sustaining operation efficiency and productivity: GASCOEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 31st May, 2016 (WAM) - Sultan Al Muhairi, Senior Vice President for Technical Affairs of Abu Dhabi Gas Industries, GASCO, has affirmed that ...

 May 31 2016 - UAE- UN envoy to Yemen says violations to cessation of hostilities in Yemen unacceptableEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) KUWAIT, 31st May, 2016 (WAM) -- UN Special Envoy to Yemen, Ismail Ould Cheikh Ahmed, has expressed concerns about violations of the cessation of hostilities ...

 May 31 2016 - UAE- Ajman sees 20% rise in visitors and tourism revenue in Q1 2016Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN, 31st May, 2016 (WAM) -- The number of guest arrivals into the Emirate of Ajman during the first quarter of the year increased by 20 percent, ...

 May 31 2016 - Saudi Foreign Minister hails strong ties with EUEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JEDDAH, 31st May, 2016 (WAM) -- Saudi Foreign Minister, Adel bin Ahmed Al-Jubeir, has said that the Kingdom of Saudi Arabia and the European Union enjoy ...

 May 31 2016 - UAE- Mohammed bin Rashid arrives in JeddahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 31st May, 2016 (WAM) -- His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, today arrived in ...

 May 31 2016 - Major fire at Indian arms depot kills 17Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NAGPUR, Indian, 31st May, 2016 (WAM) -- At least 17 security personnel, including two young Army officers, were killed today in a major fire that broke out ...

 May 31 2016 - Secretariat of Abu Dhabi Executive Council delegation visits UAE-Jordanian Refugee CampEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 31st May, 2016 (WAM) -- A delegation from the General Secretariat of the Abu Dhabi Executive Council has visited the UAE-Jordanian camp for ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help