Saudi Arabia Seeks to Create Biggest Tanker Fleet With New Fund
- Apicorp, Bahri form $1.5 billion fund to buy 15 oil tankers
- Bahri to own more than 60 VLCCs: Saudi Energy Minister
Apicorp's $1.5 Billion Fund to Buy Oil Tankers
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A venture between Arab Petroleum Investment Corp., known as Apicorp, and National Shipping Co. of Saudi Arabia will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports, Saudi Energy Minister Khalid Al-Falih said.
Apicorp, a multilateral energy-finance lender, and the Saudi shipping company, known as Bahri, formed a $1.5 billion investment fund to add 15 very large crude carriers, or VLCCs, to the shipper’s planned fleet of 46 such vessels. The deal announced late Sunday will support Saudi Arabia’s efforts to ensure a secure supply of oil to its customers worldwide, Al-Falih said.