(MENAFN- Saudi Press Agency) With 77 vessels in its fleet following the transaction - 32 VLCCs, 20 chemical tankers, 5 product tankers, 4 roll-on roll-offs (ROROs) and 16 vessels under-construction - Bahri would become the fourth-largest owner of VLCCs globally, creating a platform for continued economic growth and human capital development in the Kingdom.
It would also expand the ability of Saudi Aramco and the Kingdom to meet future maritime transport needs for its expanding downstream businesses while continuing to reliably and efficiently serve the current customers of both companies.
Through the contemplated transaction, Bahri would be the exclusive provider of VLCC crude oil shipping services to Saudi Aramco under a long-term agreement and would take responsibility for maintaining reliable crude transportation at all times.
Furthermore, the two companies plan to explore ways to expand their cooperation in the maritime sector.
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