Marine Link
Wednesday, December 7, 2016

Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers

November 30, 2016

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)


 
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