Gas and Marine Business Unit Marine services
A new business unit called “Gas and Marine Services Business Unit” was established in July 2013. The new unit is tasked to evaluate available investment opportunities in the offshore sector, in line with Bahri’s strategic plan for business expansion and diversification. In 2013, Bahri announced signing a memorandum of understanding with Saudi Aramco and Sembcorp Maritime Ltd. Under the MoU, the three parties will develop a detailed feasibility study to construct a world-class maritime shipyard in the Kingdom of Saudi Arabia. The shipyard will provide engineering, building and repairing services for offshore platforms, as well as commercial and offshore service vessels. Gas In addition to the new offshore activities, the Gas and Marine Services Business Unit will also supervise and develop Bahri’s investments in the liquefied petroleum gas (LPG) through Petredec Ltd. which is the largest independent company in the world in the field of LPG trade and distribution. Petredec, in which Bahri owns 30.3% shares, owns and operates a fleet of 63 carriers of different sizes. Bahri’s share in Petredec helped significantly to increase the former’s profits in 2014, i.e. SAR 132 million, compared to SAR 291 million 2013, representing a decline of 54.6 percent. Bahri’s share in Petredec’s business results included non-accrued loss of SAR 61.71 million in 2014, compared to non-accrued gain of SAR 53.57 million in 2013. New initiatives and plans In coordination with Saudi Aramco, the business unit considers the strategic projects and initiatives aiming to develop offshore industry in the Kingdom of Saudi Arabia. One of these initiatives is to construct a shipyard for vessel construction and maintenance in Ras Al Khair, and the partners are currently developing a feasibility study through specialized international firms. This initiative aims to create a first-class offshore provider which keeps up with the growth of Saudi offshore production of oil and gas.
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The National Shipping Company of Saudi Arabia ( )
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