Saudi Arabia plans to build a shipbuilding complex on its eastern coast, a move to support its oil exports.

Energy Minister Khalid Al-Falih was quoted by Bloomberg as saying that eventually the oil-rich country plans to have a shipping fleet that will support its oil exports.

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In order to meet worldwide demand, Saudi Arabian Oil Co (Aramco) will require more tankers.

“This announcement comes as oil prices have increased by over 70%.”

This announcement comes as oil prices have increased by over 70% after touching a 12-year low earlier this year.

The Organization of Petroleum Exporting Countries (OPEC) expects demand for oil to grow to 33 million barrels a day by 2017, which is 142,000 a day more than the demand recorded in June, reported Bloomberg.

Multilateral energy-finance lender Arab Petroleum Investment Corp and National Shipping Co intend to acquire around 15 oil containers through a $1.5bn fund.

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The 85% stake in this fund will be owned by Apicorp, with the remainder owned by National Shipping.

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