DUBAI, Nov 30 (Reuters) - National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco IPO-ARMO.SE, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers.
The 10-year murahaba financing was arranged by Standard Chartered, which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi, it said.
A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.
The tankers were previously ordered from South Korea’s Hyundai Samho Heavy Industries Co.
Reporting by Reem Shamseddine; Writing by Tom Arnold. Editing by Jane Merriman