OAPEC-owned multilateral development bank Apicorp and shipping fleet operator Bahri – owned 22% by the Saudi government’s Public Investment Fund (PIF), 20% by state petroleum firm Saudi Aramco and 58% by private investors – plan to launch a $1.5bn shipping fund to acquire around 15 very large crude carriers (VLCCs) in three phases with a total investment of up to $1.5bn of debt and equity financing.

The two organizations signed an agreement on 17 July to establish the Apicorp Bahri Oil Shipping Fund (ABOSF), through which Apicorp will be the main investor and fund manager and Bahri will be the exclusive commercial and technical manager. (CONTINUED - 509 WORDS)