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Services :: Shipping
Bahri and Aramco Plan $1.3 Billion Merger of their Shipping Operations
6:13 AM MDT | June 28, 2012 | Natasha Alperowicz
The National Shipping Company of Saudi Arabia (Bahri; Rhiyadh) and Saudi Aramco have signed a memorandum of understanding (MOU) to merge the fleets and operations of Bahri and Vela International Marine, a wholly owned subsidiary of Aramco. The proposed merger would create a large and more diversified national shipping player, the companies say. Bahri is a joint stock company listed on Saudi Arabia’s stock exchange. Under the terms of the MOU, Vela’s operations, including very large crude carrier (VLCC) transportation system, will be transferred to...
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