(MENAFN- Saudi Press Agency)
Riyadh, Shawwal 12, 1437, July 17, 2016, SPA -- Arab Petroleum Investments Corporation (APICORP) and National Shipping Company of Saudi Arabia (Bahri) today signed an agreement on the establishment of APICORP-Bahri fund for oil tankers in the presence of Minister of Energy, Industry and Mineral Resources Khalid Bin Abdul Aziz Al-Faleh in the city of Riyadh.
The purpose of this investment fund is to own about 15 oil supertankers in three phases, with a total value of up to USD1.5 billion.
In a statement to Saudi Press Agency, the Minister of Energy, Industry and Mineral Resources hailed the agreement's signing as a strategic and vital step.
--SPA
23:33 LOCAL TIME 20:33 GMT
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