Bahri signs deal with Shareek program to invest in gas ‎transportation sector at a value of SR1.53 bln

The Saudi National Shipping Company (Bahri) announced the signing of an agreement with the “Enhancing Partnership with the Private Sector (Partnership)” program to support its efforts to enter and invest in the gas transportation sector to enable the company to meet future demand for gas transportation and achieve its long-term ambition in Diversifying the transport fleet to include a vital and promising sector in light of a competitive economic environment in the transport sector.

The company said in a statement today on “Tadawul” that the cost of the project is estimated at about 1.53 billion riyals, indicating that the project will be financed through its own resources in addition to bank financing.

The company explained that it is currently working on determining the expected financial impact of the project on the company’s results, and will announce the financial impact later, noting that the expected impact of the project on the financial results will start when the project is completed and the fleet starts operating.

“Bahri” added that the level of capital investment in the project during the period 2024-2030 is planned to reach 1.53 billion riyals, in line with the company’s long-term investment cycle that requires investments in ships specialized in transporting gas with a focus on more efficiency. Sustainability and cost management during the plan period to ensure continuity of competitiveness and appropriate returns for the company’s shareholders. This investment will be through acquisition or through building a fleet in line with the expected growth in demand in the Kingdom and the world for gas transportation. This investment program will be funded mainly through the company’s operating cash flow in addition to bank financing

The Board of Directors thanked the government of the Custodian of the Two Holy Mosques for the support provided through the Shrek program, which aims to enhance cooperation between the public and private sectors to support and enhance the contribution of national companies to the sustainable growth of the national economy.