Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) announced that its subsidiary signed a Murabha facility agreement on Friday 12 August.

Bahri's unit National Chemical Carriers Co Ltd. entered into an agreement with Arab Petroleum Investments Corporation (APICORP) and BNP Paribas at a value of SAR 500 million ($133.2 million).

The facility will be used to finance 80% of the purchase value of five second-hand medium-range (MR) tankers, according to a bourse filing on Sunday.

The agreement will be valid for 10 years and will be paid over biannual equal installments. The company gave guarantees represented in mortgaged vessels and a waiver of insurance policies.