The National Shipping Company of Saudi Arabia (Bahri) obtained the approval of shareholders to merge the fleet and operations of Vela International Marine Limited (a wholly owned subsidiary of Saudi Aramco) with Bahri. The merger is considered the largest in the history of Saudi Arabia. The company also signed an agreement to secure Murabaha financing with three banks for SAR 3.2 billion.
Bahri CEO, Engr. Saleh Al-Jasser said “Shareholder approval is the last regulatory approval necessary to finalize the fleet and operations merger between Vela and Bahri so Vela will become the exclusive crude oil carrier to Saudi Aramco. He also pointed out that this transaction represents an added value to Bahri and to Saudi Aramco and the economy of the Saudi Arabia. Engr. Al-Jasser mentioned that after the merger, Bahri will become the third-largest owner of VLCCs in the world with a fleet of 32 tankers.