People & Business :: Companies
Bahri and Aramco Plan $1.3-Billion Shipping Merger
2:00 PM MDT | July 6, 2012
National Shipping Co. of Saudi Arabia (Bahri; Rhiyadh) and Saudi Aramco have signed a memorandum of understanding to merge the shipping fleets and operations of Bahri and Vela International Marine. Vela is a wholly owned subsidiary of Aramco. The proposed merger would create a large and more diversified national shipping player for Saudi Arabia, the companies say. Bahri is a joint stock company listed on Saudi Arabia’s stock exchange. Vela’s operations, including a very large crude carrier (VLCC) transportation system, will be transferred to Bahri...
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