The National Shipping gets approval to merge fleet with Aramco’s Vela

13/04/2014 Argaam

The National Shipping Co. of Saudi Arabia’s (Bahri) obtained a key regulatory approval to merge its flee with that of Vela International Marine Limited, a subsidiary of Saudi Arabian Oil Company (Aramo), Bahri said in a statement to the Saudi bourse, Tadawul.

 

The Supreme Council for Petroleum and Mineral Affairs (SCPMA) notified Aramco of the approval, it added.

 

Bahri signed an agreement with Vela in 2012 to merge their operations, according to Argaam.

 

The National Shipping Co. is 28.1 percent owned by Saudi Arabia’s Public Investment Fund. 

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