Saudi Arabia's oil giant Aramco on Wednesday announced plans to merge its company Vela with Saudi firm Bahri to form the world's fourth largest oil transporter.
Under a non-binding memorandum of understanding, Bahri would pay Vela $1.3 billion, made up of $832,000 in cash and the rest in stocks.
"By creating a new global leader in shipping, Saudi Aramco hopes to build a strong company that can leverage its capabilities in the shipping sector and would meet its growing business portfolio," it said.
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