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Wednesday, October 18, 2017

Bahri Secures $133m Funding for Five Ships

August 15, 2016

Photo National Shipping Company Of Saudi Arabia (Bahri)

Photo National Shipping Company Of Saudi Arabia (Bahri)

National Shipping Company of Saudi Arabia (Bahri) said on Sunday that a subsidiary had secured $133.2 million in Islamic financing to purchase five chemical tankers.

The funding will be provided to National Chemical Carriers by Arab Petroleum Investments Corporation and BNP Paribas in the form of a murabaha facility for a 10-year period, it said in a bourse statement.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

(Reporting by Mariam Abu Bakr; writing by Tom Arnold; editing by Jason Neely)
 

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