04 OCT 2022
The established company would facilitate the transportation of propane and butane gases to customers across Saudi Arabia
Riyadh, KSA, October 04, 2022: Bahri, a global leader in logistics and transportation, announced the signing of a Memorandum of Understanding (MoU) with National Gas and Industrialization Co. (GASCO), a leading provider of Liquefied petroleum gas (LPG) services which include transportation and filling of both butane and propane gases.
Under the new agreement, both parties will explore cooperative means to establish a company that provides land transportation and logistics services that would help enhance the distribution network of LPG within the Kingdom.
Eng. Soror Basalom, President of Bahri Logistics, commented on the agreement saying: “The signing of this agreement with GASCO marks the next step in our journey to deliver world-class logistics services to our valued client and partners. Leveraging the expertise of both of our companies, we are delighted to begin forming a company that will provide industry-leading services and embodies operational excellence. We look forward to establishing a company that can provide great services to our clients, advance Saudi Arabia’s long-term economic growth and contribute to the objectives of Vision 2030.”
Public Investment Fund (PIF), the largest sovereign wealth fund in the world, is a major shareholder in the MoU between Bahri and GASCO. PIF currently holds 22.55% of ownership shares within Bahri and 10.91% of shares within GASCO as per the date of the MoU.
Established in 1978, Bahri Group is one of the world’s foremost logistics and transportation companies, playing a leading role in the transformation and growth of the global transportation industry. Bahri is committed to playing an integral and leading role in realizing Saudi Arabia’s Vision 2030 by continuously enhancing and expanding its services and presence across the world, enabling the opening of new trade routes, and positioning the Kingdom as a unique regional logistics gateway to three continents.