Saudi authority approves JAZADCO's planned acquisition of an energy firm
The Saudi General Authority for Competition (GAC) approved the economic concentration arising from Jazan Energy and Development Co.'s (JAZADCO) planned takeover of Bakri International Energy Co. (BIE).
In December 2018, JAZADCO signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. for Shipping & Maintenance to take full control of BIE through a cash and in-kind consideration, Argaam reported.
Jeddah-based BIE was established in 1973. It operates in the distribution, shipping and storage of crude oil, gas, jet fuels and petroleum products, assembly and repair of ships. It also provides seaport cargo handling services, manages seaports and offers warehousing services.