joint saudi fund launched to buy oil tankers
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Joint Saudi fund launched to buy oil tankers

Arab Today, arab today

Arab Today, arab today Joint Saudi fund launched to buy oil tankers

Established in 1978, the National Shipping Company of Saudi Arabia
Riyadh - AFP

Saudi Arabia's national shipping company and the Arab Petroleum Investments Corp. (APICORP) have launched a joint fund to purchase large oil tankers for the kingdom, an official statement said on Monday.

The $1.5-billion fund aims to purchase 15 Very Large Crude Carriers (VLCCs) for the kingdom's state-owned shipping firm in three phases, the statement said.

The agreement signed between the two companies Sunday night in Riyadh said the fund's duration is for 10 years.

APICORP, the development bank of the 10 Arab petroleum exporting countries, will contribute 85 percent to the fund's capital while the Saudi firm will make up the remaining 15 percent.

Established in 1978, the National Shipping Company of Saudi Arabia owns 83 various vessels including 36 VLCCs.

Saudi Energy Minister Khaled al-Faleh said the fund will contribute to turning the kingdom into a regional logistics hub.

The minister however denied that the purchase of tankers was a sign that Saudi plans to increase its oil production capacity, which currently stands at over 12 million barrels per day (bpd).

The kingdom pumps 10.2 million bpd and is the world's top crude exporter.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

joint saudi fund launched to buy oil tankers joint saudi fund launched to buy oil tankers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

joint saudi fund launched to buy oil tankers joint saudi fund launched to buy oil tankers

 



GMT 09:54 2017 Monday ,13 November

Hany Ramzy prepares for new film

GMT 02:13 2017 Thursday ,31 August

RI tourism ready to compete in ASEAN community

GMT 11:38 2017 Tuesday ,14 November

Arab media development is lost in translation

GMT 07:56 2017 Tuesday ,19 December

Fatah’s leader rebukes Trump’s decision

GMT 11:26 2017 Wednesday ,26 April

Settlers uproot 300 olive trees, Ramallah

GMT 05:34 2017 Sunday ,22 October

Hamilton overshadows Vettel in final practice

GMT 16:49 2017 Tuesday ,28 March

Settlements undermine 2-state solution
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday