Bahri inks SAR 1.53 bln deal with Shareek to boost gas transport sector

A Bahri vesse

National Shipping Company of Saudi Arabia (Bahri) inked, on Feb. 28, a SAR 1.53 billion deal with Private Sector Partnership Reinforcement Program “Shareek” to support its endeavors to invest in the gas transport sector, according to a statement to Tadawul.

The project will be financed from the company’s internal resources and credit facilities.

The project’s capital investment for 2024-2030 is planned to reach SAR 1.53 billion, in line with the company's long-term investment cycle that requires investments in specialized gas transport vessels with more focus on efficiency, sustainability and cost management to ensure competitiveness and lucrative returns.

Such investments will be undertaken via acquisitions or fleet building, aligning with the expected growth of demand locally and globally. They will also enable the company to withstand future gas demand and fulfill its long-term ambitions regarding diversifying the transport fleet to include a promising industry.

Dates of the project launch, as well as completion and other related details, will be disclosed later.

The company is currently determining the relevant financial impact, which will appear on its financials upon finalizing the project.