• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 10 hours One Last Warning For The U.S. Shale Patch
  • 1 hour Dutch Populists Shock the EU with Election Victory
  • 1 day Modular Nuclear Reactors
  • 3 hours Climate change's fingerprints are on U.S. Midwest floods
  • 1 day Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 15 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 2 days Chile Tests Floating Solar Farm
  • 13 hours Telsa Sales in Europe
  • 5 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 2 days Poll: Will Renewables Save the World?
  • 15 hours Read: OPEC THREATENED TO KILL US SHALE
  • 10 hours The Political Debacle: Brexit delayed
  • 2 days US-backed coup in Venezuela not so smooth
A New Trend In Natural Gas: Just-In-Time Supply

A New Trend In Natural Gas: Just-In-Time Supply

Just-in-time supply of natural gas…

One Last Warning For The U.S. Shale Patch

One Last Warning For The U.S. Shale Patch

The oil-price collapse of 2018…

National Shipping and Saudi Aramco Announce Deal to Merge their Fleets

National Shipping Co. and Saudi Arabian Oil Co. (Aramco) have signed an agreement confirming that they will merge their fleets of oil tankers in a deal worth $1.3 billion.

National Shipping will pay $832.8 million and issue 78.8 million new shares at $5.93 to Aramco’s Vela International Marine Ltd. unit, amounting to a 20 percent stake in the company.

The deal will make National Shipping the owner of the fourth largest fleet of crude oil tankers in the world, and the sole transporter of Saudi Aramco products, as confirmed by long-term contracts.

National Shipping’s new fleet will include 20 chemical tankers, 4 refined product tankers, and 16 more tankers under construction. Saudi Aramco said the deal will “expand the ability of Saudi Aramco and the Kingdom to meet future maritime transport needs for its expanding downstream businesses.”

The two companies will sign the final paperwork to complete the merger at the end of 2013. both National Shipping and Aramco are also exploring more ways to increase their cooperation in the shipping industry.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News