JAZADCO extends BIE acquisition deal until Dec. 31

Jazan Energy and Development Co. (JAZADCO) has extended the period required to finalize the measures pertaining to the acquisition of Bakri International Energy Co. (BIE) from Sep. 30 to Dec. 31, 2019, the company said in a bourse statement.

In December 2018, JAZADCO signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. for Shipping & Maintenance to take full control of BIE through a cash and in-kind consideration, Argaam reported.

Jeddah-based BIE was established in 1973. It operates in the distribution, shipping and storage of crude oil, gas, jet fuels and petroleum products, assembly and repair of ships. It also provides seaport cargo handling services, manages seaports and offers warehousing services.