09NOV2018 - NEWS - Bahri of Saudi Arabia targets acquisitions in Asia and Middle East
Bahri of Saudi Arabia’s is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach. Bahri is the world’s largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake. The company aimed to buy a listed firm in Asia in a deal that would probably be completed in the third quarter of 2019. Bahri transports Saudi Aramco’s VLCC cargoes on a cost, insurance and freight (CIF) basis, making it the world’s busiest oil shipper.