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Saudi’s Bahri gains 9 percent after merger announcement

July 1, 2012 10:04 by Reuters

Shares at Saudi National Shipping Co (Bahri) rose 9 percent on Saturday after it signed an agreement with Saudi Aramco to buy its Vela marine unit for $1.3 billion in cash shares.

On Wednesday State oil giant Saudi Aramco and Bahri announced the agreement that would make Bahrithe world’s fourth largest owner of very large crude carriers, or VLCCs. Bahri will be the exclusive provider of VLCC crude oil shipping services to Saudi Aramco, under a long term agreement.

(Reporting by Asma Alsharif)

Tags: Bahri, Bahrithe world's, Saudi Arabia, Saudi Aramco, Vela marine unit, VLCCs)

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