The National Shipping Company of Saudi Arabia (Bahri) said on Sunday it had signed a deal with the Arab Petroleum Investments Corporation (Apicorp) to launch a US$1.5 billion investment fund that could buy up to 15 very large crude carriers.
The fund will be seeded with $500 million on three occasions, subject to conditions, Bahri said, adding that it would subscribe to 15 per cent of the fund’s capital.
Apicorp will provide the remaining 85 per cent, and will be the manager for the fund and be responsible for arranging finance, Bahri said.
Bahri, in return, will be the technical and commercial manager for the fleet of tankers owned by the fund.
The two parties expect to complete the remaining processes and undertake the first phase of fundraising at the end of the third quarter this year.
Bahri also said it expects the financial effect of the first phase to appear in the first quarter next year.
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