Saudi's Bahri says secures 1.43 bln riyal Islamic loan for five VLCCs
(MENAFN- The Peninsula) Image for representation
DUBAI: National Shipping Company ofSaudi Arabia said on Sunday it had signed a murabahafacility with Riyad Bank valued at 1.425 billionriyals ($380 million) to finance the construction cost of fivevery large crude carriers.
The facility lasts for a period of 10 years and six monthsand includes a maximum two-year grace period the firm known asBahri said in the bourse statement.
A murabaha is a cost-plus-profit arrangement which complieswith Islamic finance standards.
The exclusive oil-shipper for Saudi Aramco last year signeda deal to buy five very large crude tankers from ship buildersHyundai Heavy Industries.