Arab Oil Investment Corporation (APICORP) and National Shipping Company of Saudi Arabia (Bahri) agreed on creating an investment fund with worth of 1.5 billion USD. The fund aims to acquire 15 very large cruise carriers (VLCC), which should be operated by the shipping company and establish giant fleet, serving the export needs of the Middle East country. Arab Oil Investment Corporation will be the main investor and fund manager, whilst Bahri will be the exclusive commercial and technical manager. APICORP will invest 85% in the Fund, while Bahri will invest the remaining 15%.
“Additional 15 tankers will be added to the fleet of Bahri, which will make it the largest shipping company in the world”, said Minister of Energy of Saudi Arabia, Khalid Al-Faleh.
The agency has already resulted in the words of the Minister that Saudi Aramco oil company will need more tankers to meet world demand. The company accounts about 20% of oil tanker traffic in the world.
Currently, the largest owner of large and very large crude carrier is China China Merchants Group, which has 53 vessel. Bahri together with Saudi Aramco has 36 large vessels, but with the new acquisition will create world leading oil tanker fleet.