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, 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.