Saudis Aim To Create The World’s Biggest Oil Fleet

Saudi Arabia aims to create the world’s largest fleet of oil tankers following the establishment of a new US $1.5 billion investment fund by Arab Petroleum Investment Corporation, (Apicorp), and National Shipping Corporation of Saudi Arabia (Bahri).

Under the Apicorp Bahri Oil Shipping Fund venture announced yesterday, fifteen very large crude carriers (VLCCs) would be added to the shipper’s expected fleet of nearly fifty such vessels over the next two years. Bahri currently owns 36 VLCCs and plans to add ten more by 2018.

“The additional 15 VLCCs will be on top of the current and future fleet of Bahri that is over 45, and this will make Bahri the world’s largest oil shipping company,” said Saudi Energy Minister Khalid Al-Falih according to Bloomberg.

The minister also claimed the deal would strengthen Saudi efforts to ensure a secure oil supply to meet rising global demand.

Saudi Arabia is the world’s biggest oil exporter and ships some 20 percent of its oil cargoes by sea via state-run firm Saudi Aramco. According to recently released the Organization of Petroleum Exporting Countries data, Saudi oil production rose to a record of nearly 10.6 million barrels per day last June after maintain steady output since August 2015.

Full article: Saudis Aim To Create The World’s Biggest Oil Fleet (OilPrice)

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