Bahri, APICORP plan $1.5 bln fund to buy oil tankers

17/07/2016 Argaam

The National Shipping Company of Saudi Arabia (Bahri) will today sign an agreement with Arab Petroleum Investment Corp. (APICORP) to start a $1.5 billion investment fund to buy oil tankers.

 

Bahri’s share of the fund will amount to 15 percent, while APICORP will own an 85 percent stake, the Saudi shipping company said in a statement to Tadawul.

 

The investment fund, which is expected to acquire 15 super tankers, is planning to invest assets in three stages of $500 million each.

 

The procedures related to setting up the fund are expected to be finalized by the end of Q3 2016, while the relevant financial impact will be reflected on earnings of Q1 2017.

 

The fund will be co-managed by both companies; Bahri will undertake technical and commercial issues, whereas APICORP will act as the fund manager.

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