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Saudi tanker giants plan 'transformational' merger

Middle East

Thursday, October 25, 2012

Bahri, the National Shipping Company of Saudi Arabia, will take over ownership of the fleet of the Saudi Arabian Oil Co., now operated by the oil company’s subsidiary Vela in a deal said to be worth $1.3 billion. The companies signed a memorandum of understanding in June to combine their fleets and the boards of both companies agreed to it last week. The deal is expected to be completed in November, but is subject to approvals by regulators and Bahri shareholders. ...

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