Bahri to begin construction of Yanbu grain terminal in H1 2022

30/12/2021 Argaam

One of Bahri's VLCC tankers

National Shipping Company of Saudi Arabia (Bahri) will start construction of its grain terminal in Yanbu in the first half of 2022 and launch three-month trial operations in the second half of 2023.

 

The terminal builder will be appointed in H1 2022, and will be disclosed later on, Bahri said in a statement to Tadawul.

 

On the other hand, Bahri attributed the project delay to the COVID-19 pandemic, noting that there is no change to the previously announced investment cost (nearly $110 million).

 

Moreover, no financial impact is expected from this delay, Bahri added.

 

In August, Bahri signed an agreement to establish an equally owned JV with SALIC at an estimated cost of SAR 412.5 million ($110 million), Argaam reported.

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