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REUTERS
National Shipping Company of Saudi Arabia (Bahri) said on Sunday it signed a deal with Arab Petroleum Investments Corp. (APICORP) to launch a $1.5 billion investment fund that could buy up to 15 very large crude carriers (VLCCs).
The fund will be seeded with $500 million on three occasions, subject to conditions, Bahri said in a bourse statement, adding that it will subscribe to 15 percent of the fund’s capital. APICORP will provide the remaining 85 percent, and will be the manager for the fund and responsible for arranging finance, Bahri said. Bahri, in return, will be the technical and commercial manager for the fleet of tankers owned by the fund.