Saudi's NCC and SABIC sign transportation agreement
The National Chemical Carriers Company (NCC) signed a time charter agreement with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation – SABIC) for three chemical tankers to transport petrochemicals liquids to international ports for a period of five years, with an option of extension for another five year period.
Abdullah S. Al-Rubaian, chairman, signed these agreement on behalf of NCC while the International Shipping and Transport Limited was represented by Yousuf A. Al-Zamil, executive vice president of SABIC Chemicals.
Al-Rubaian said: "These agreements reflect the company’s excellence and the confidence shown by the producers of petrochemicals, in addition to the company’s main role to transport petrochemical products from Saudi Arabia to international markets.
"They achieve one of the most important goals of the company which is to contribute for the development of the national economy and keep pace with the expansion of Saudi exports of petrochemicals."
SABIC is one of the largest international companies in the production and export of petrochemicals and the biggest client of NCC.
"NCC is proud of its contribution for supporting the prices of SABIC's liquid petrochemical to compete globally by providing a world-class standard and specialized modern carriers to transport those products, including a huge chemical tanker which is the largest of its kind in the world, built to the latest technology this industry has in terms of size, engineering, equipment and design to develop and strengthen the capacity to keep up with the aspirations of SABIC in its plans to meet the growing demand for liquid petrochemical products," he said.
Al-Rubaian further mentioned that the signing of such contracts is in line with the company’s strategy, to do business on a long term time charter agreements allowing the parties the do their long-term planning to achieve the best from the investment, operation and marketing.
NCC was founded in the year 1990 as a limited liability company with a capital of SAR 610 million, and is 80% owned by The National Shipping Company of Saudi Arabia (BAHRI) and 20% owned by Saudi Basic Industries Corporation (SABIC).
The company presently owns a large fleet of 21 chemical tankers, specialized in transporting petrochemicals and liquid petroleum products, refined vegetable oils with a capacity of approximately 940,000 DWT which would increase to about 1.2 Million DWT with an additional four new tankers expected by the end of next year.