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.

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% 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.

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