Saudi Arabia will build world’s largest oil tanker fleet

oil_tanker_fleet

Saudi companies Apicorp and National Shipping and are going to build the world’s largest fleet of oil tankers to support the kingdom’s plan to increase crude oil exports.

According to Bloomberg, the Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid al-Falih said that Saudi companies Arab Petroleum Investment Corp. (Apicorp) and National Shipping Co., known as Bahri, plan to create the world’s largest fleet of oil tankers.

According to al-Falih, Apicorp and Bahri formed a $1.5 billion investment fund in order to increase the fleet of oil tankers by 15 large tankers of the 3rd class (Very Large Crude Carrier, VLCC).

“The extra 15 large tankers will make Bahri, which owns more than 45 vessels, the world’s largest oil shipping company,” said the Saudi minister.

Saudi Arabia is one of the world’s largest oil exporters, and according to a report published by OPEC on July 12, the current rate of oil production is close to the all-time record.

State oil company Saudi Aramco, which transports about 20% of all oil cargo in the world, needs additional tankers to meet the growing demand for Saudi oil, al-Falih said.

According to Clarkson Research Services, currently, the largest owner of large tankers and supertankers is China Merchants Group, which owns 53 such vessels.

As Bloomberg reported earlier, by the results of 2015, Saudi Arabia has increased its oil exports by 4%: it exported 7.39 million barrels per day on average.

Source: RBC

 

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