By: Majed Al Shabeb
Riyadh - Mubasher: Saudi minister of energy Khalid Al Faleh said that the kingdom does not intend to boost its oil production after National Shipping Company of Saudi Arabia (Bahri) added 15 Very Large Crude Carriers (VLCCs) to its fleet.
The kingdom witnessed an increase in the demand on oil, and responded to it through Aramco, Al Faleh added during the signing ceremony of the agreement between the Arab Petroleum Investments Corporation (APICORP) and Bahri.
On Sunday, the two companies signed a deal to establish a SAR 5.6 billion ($1.5 billion) investment fund to acquire 15 VLCCs over three phases.
The minister added that the deal is very important will contribute to solving the issue of transportation companies’ weak ship building demand.
APICORP will invest 85% in the fund, with Bahri investing in the remaining 15%.
Translated by: Sara Ghali
