National Shipping Company of Saudi Arabia (Bahri) has signed an agreement with the Private Sector Partnership Reinforcement Programme (Shareek) to invest 1.53 billion Saudi riyals ($407.69 million) in the gas transportation sector.

The capital investment will be spread over the 2024-2030 period as part of Bahri’s long-term investments in specialised gas transport vessels, the company said in a statement to the Saudi stock exchange.

The investment will be made via acquisition or fleet construction based on the growth in demand for gas transportation in the Kingdom and worldwide.

Bahri said the investment programme will be funded through its operating cash flow and bank loans.

The details of the project will be released later, the statement added.

(Writing by D Madhura; Editing by Anoop Menon)