Saudi Aramco and the National Shipping Company of Saudi Arabia "Bahri" have announced signing of a non-binding Memorandum of Understanding (MOU) to pursue the merger of the fleets and operations of Bahri and Vela International Marine Limited, a wholly owned subsidiary of Saudi Aramco. The proposed merger would create a large and more diversified national shipping company. This merger of ships, personnel and business systems from Vela and Bahri along with management responsibility for Saudi Aramco's very large crude carrier (VLCC) transportation system will be implemented within the corporate structure of Bahri, according to a latest press release of Saudi Aramco. "By creating a new global leader in shipping, Saudi Aramco hopes to build a strong company that can leverage its capabilities in the shipping sector and would meet its growing business portfolio," said Khalid A. Al-Falih President and CEO, Saudi Aramco. --MORE
