We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Fri 2 Dec 2016 12:57 AM

Font Size

- Aa +

Saudi shipping group signs $350m deal for oil tankers

National Shipping Company inks Islamic 10-year financing agreement for construction of five tankers

Saudi shipping group signs $350m deal for oil tankers
(Image: Bahri)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, has announced it has signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers.

The 10-year murahaba financing was arranged by Standard Chartered, which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi, it said.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

The tankers were previously ordered from South Korea's Hyundai Samho Heavy Industries Co.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.