Joint Saudi fund launched to buy oil tankersRIYADH: Saudi Arabia’s national shipping company and the Arab Petroleum Investments Corp. (APICORP) have launched a joint fund to purchase large oil tankers for the kingdom, an official statement said Monday. Established in 1978, the National Shipping Company of Saudi Arabia owns 83 various vessels including 36 VLCCs. Saudi Energy Minister Khaled al-Faleh said the fund will contribute to turning the kingdom into a regional logistics hub. The $1.5-billion fund aims to purchase 15 Very Large Crude Carriers (VLCCs) for the kingdom’s state-owned shipping firm in three phases, the statement said. The minister however denied that the purchase of tankers was a sign that Saudi plans to increase its oil production capacity, which currently stands at over 12 million barrels per day (bpd).

Source: Manila Times July 18, 2016 07:41 UTC