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Bahri

Bahri

Saudi’s Bahri gains 9 percent after merger announcement

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.

July 1, 2012 10:04
 
Vela marine

Saudi Aramco to sell Vela marine for $1.3 billion to Saudi Bahri

The merger of the fleets would make Bahri the world's fourth largest owner of very large crude carriers, or VLCCs, and it would become the exclusive provider of VLCC crude oil shipping services to Saudi Aramco, under a long-term agreement.

June 28, 2012 11:20