National Shipping Company of Saudi Arabia said on Sunday it had signed a murabaha facility with Riyad Bank valued at SR1.425 billion ($380 million) to finance the construction cost of five very large crude carriers.

The facility lasts for a period of 10 years and six months, and includes a maximum two-year grace period, the firm known as Bahri said in the bourse statement.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

The exclusive oil-shipper for Saudi Aramco last year signed a deal to buy five very large crude tankers from ship builders Hyundai Heavy Industries. - Reuters