02 MAR 2023
|Introduction||National Shipping Company of Saudi Arabia (Bahri) is pleased to announce on Tuesday, February 28, 2023, an agreement has been signed with Private Sector Partnership Reinforcement Program “Shareek” to support the company's efforts to enter and invest in the gas transportation sector to enable the company to meet the future demand for gas transportation and achieve its long-term ambition to diversify the transport fleet to include a vital and promising sector in light of a competitive economic environment in the transport sector.|
|Project Start Date||To be announced later|
|Project Cost||Around SAR 1.53 billion|
|Financing method for the project||The project will be funded through the Company's internal cash flow in addition to bank financing.|
|Expected completion date of the project||To be announced later|
|Expected Impact on the Company’s Financial Results||The company is currently working on determining the expected financial impact, which will be announced later.|
|Expected Date on Which the Impact on the Financial Results of the Company will Start||The impact will be upon project completion and the start of fleet operation.|
|Expected Date for the Pilot Production of the Project to Begin||N/A|
|Duration of the pilot production of the project||N/A|
|Expected date for the commercial production of the project||To be announced later.|
|Executing Party/Counter Party in the Project/Contract||Details of ships building/ acquisition will be announced later|
|Additional Information||The level of capital investment during the period 2024-2030 is planned to reach SAR 1.53 billion, in line with the company's long-term investment cycle that requires investments in specialized gas transport vessels with a focus on greater 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 fleet construction in line with the expected growth in demand in the Kingdom and the world for gas transportation. The investment program will be financed mainly through the Company's operating cash flow in addition to bank financing.
The Board of Directors would like to thank the Government of the Custodian of the Two Holy Mosques for the support provided through the Shareek 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.