Saudi shipping firm gains 9pc on merger
Jeddah, June 30, 2012
Shares at Saudi National Shipping Company (Bahri) rose 9 per cent on Saturday after it signed an agreement with Saudi Aramco to buy its Vela marine unit for $1.3 billion in cash shares.
On Wednesday State oil giant Saudi Aramco and Bahri announced the agreement that would make Bahri the world's fourth largest owner of very large crude carriers, or VLCCs. Bahri will be the exclusive provider of VLCC crude oil shipping services to Saudi Aramco, under a long term agreement.-Reuters