Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had 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 (SCBFF), 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.
(Reporting by Reem Shamseddine; Writing by Tom Arnold)