Saudi oil giant Aramco merges tanker fleet with state shipper
{{#rendered}} {{/rendered}}Saudi Arabia's state-owned oil giant Saudi Aramco says it has agreed to merge its maritime division with the country's state-owned shipping line to create the world's fourth-largest tanker operation.
Aramco CEO Khaled Al-Faleh says the $1.3 billion merger will transfer the fleet of the company's sea-going subsidiary, Vela International, to the state shipping company Bahri.
The deal announced Monday is subject to shareholder approval as well as the green light by regulatory authorities.
{{#rendered}} {{/rendered}}Under the terms of deal, Vela will transfer its entire operations and fleet that includes 14 large crude carriers. For an initial 10-year period, Bahri will be the exclusive provider of crude shipping services for Aramco.