National Shipping, Arasco to form $300 million shipping venture

National Shipping Co., a Saudi operator of crude oil and chemical tankers, and the Arab Company for Agriculture Services, or Arasco, will form a 1.13 billion-riyal ($300 million) dry-bulk shipping company. National Shipping will hold 60 percent of the venture, the Riyadh-based shipper said in a statement on the Saudi bourse Web site today. The companies will seek financing for 70 percent of the cost to establish the company.