• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes The Inconvenient Truth Of Electric Cars
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 3 hours Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 5 hours Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 2 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 10 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 8 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 3 hours The Plastics Problem
  • 9 mins The Strait of Hormuz is the world’s most important oil transit chokepoint
  • 4 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 6 hours Cherry Picking Climate Data
  • 10 hours Oil Demand Needs to Halve: Equinor
  • 10 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 2 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 4 hours Coal Boom in Asia is Real and a Long Trend
Bullish EIA Data Pushes Oil Prices Higher

Bullish EIA Data Pushes Oil Prices Higher

After two consecutive weeks of…

How To Buy Gold For $3 An Ounce

How To Buy Gold For $3 An Ounce

Gold is once again gaining…

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