Bahri signs loan deal

THE National Shipping Company of Saudi Arabia, known as Bahri, has signed a SR700 million ($186.7 million) loan to partly finance the purchase of three very large crude carriers (VLCCs).

The loan, provided by Alinma Bank and covering 80 per cent of the value of the ships being acquired, would run for 10 years.

It would be repaid in semi-annual instalments starting from six months after the loan’s signing date, with the final payment consisting of 30 per cent of the loan amount.

Oman plans $400m oil depot

OMAN is considering building a major oil storage terminal on its southeastern coast with a first phase spend of between $300 million and $400 million. It will be built by a subsidiary of state-owned Oman Oil Company at Ras Markaz, about 70 km from Duqm, where the government is developing a port and industrial zone.

In its first phase, the storage facility will have a capacity of between 6 million and 10 million barrels of oil and serve an oil refinery planned for Duqm. 

Capacity could be expanded to as much as 200 million barrels.
      

Barwa keen on warehousing 

BARWA Real Estate Group, one of Qatar’s largest listed real estate companies, wishes to set up a warehousing project aimed at diversifying investments and increasing its presence in the local market, its chief executive Mohamad Al Muhannadi said.

It plans to sign an agreement with Economic Zones Company (Manateq) for the project.

The warehousing complex, set up on a 253,000 sq m plot, will also include support functions, ancillary buildings, and other infrastructure.

Al Muhannadi also gave updates on other Barwa projects. 
 

Emirates wins cargo honour

EMIRATES SkyCargo has clinched another industry accolade with its latest award of Best Cargo Airline in the Middle East. The award was presented at the 2016 Cargo Airline of the Year Awards organised by Air Cargo News in London.