Saudi Arabia's stands ready to step in and replace any oil supplies that may be disrupted because of Y2K computer problems. " Saudi Arabia's unused oil production capacity is reportedly about three million bpd.
Top oil exporter Saudi Arabia told OPEC it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output. In a monthly report issued on Friday, the Organization of the Petroleum Exporting Countries (OPEC) said Saudi Arabia reported September production of 9.704 million barrels per day (bpd), up from 9.597 million in August.
Rowan Companies, Inc. was awarded term drilling contracts by the Saudi Arabian Oil Company (Saudi ARAMCO) for two Tarzan Class jack-up drilling rigs to begin operating offshore Saudi Arabia in 2007. Each contract is for a four-year term. The relocation of the two rigs from the Gulf of Mexico will begin in January 2007 and the rigs should be operational in Saudi Arabia by the end of the first quarter. Rowan estimates that revenues from the contracts will be in excess of $550m
The Kingdom of Saudi Arabia welcomed the delivery of its two Austal-built 289 ft high speed vehicle-passenger catamarans, “Riyadh” and “Cairo” during a handover ceremony in Jeddah attended by King Abdullah bin Abdulaziz Al Saud and the Egyptian President Mohammed Hosni Mubarak. Ordered by the Saudi Arabian Ministry of Finance in 2007, the vessels are a gift to the Egyptian Government, and will assist in improving the standard of ferry services across the Red Sea.
The supply of crude oil cargoes for the largest tankers rose 32 percent so far this year, as Saudi Arabia boosted exports to compensate for the possibility of fewer Iranian cargoes, Arctic Securities ASA said. Very large crude carriers hauled 97 million metric tons of oil in the first 11 weeks of the year, up from 73.7 million tons during the same period of 2011, Oslo-based analyst Erik Nikolai Stavseth said by phone
The National Shipping Company of Saudi Arabia (Bahri) has named Ibrahim Abdulrahman al-Omar as its chief executive, effective on Oct. 1, a bourse filing said on Wednesday. Omar has worked in several senior positions at firms including Saudi Telecom and its affiliate Viva Bahrain, the statement added. He replaces Mohammad Omair al-Otaibi, who was appointed acting CEO last month after the departure of Saleh bin Nasser al-Jasser at the end of July.
SMIT has reached an agreement with Damen Shipyards from the Netherlands for constructing 11 newly built vessels. Two of these vessels (type ASD 3211, 65 tons bp) have been awarded with a long-term contract for the Terminals Division in Equatorial Guinea and will be delivered in respectively September and December 2007. Four vessels (type ASD 2810) are replacements for the Harbor Towage fleet in Rotterdam. These vessels will be equipped with a substantially higher bollard pull (60 tons bp)
The U.S. Department of the Treasury issued the current list of countries which may require participation in, or cooperation with, an international boycott that is inconsistent with U.S. law. The current list consists of: Bahrain, Kuwait, Lebanon, Libya, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, and the Republic of Yemen. 69 Fed. Reg. 42085 (HK Law).
The National Shipping Company of Saudi Arabia (Bahri) receives the 'Bahri Abha' from South Korea's Hyundai Mipo shipyard. The new ship, of 26,000 dwt, was built especially for the general cargo trade and is the first to be delivered of six vessels that were contracted by the Company with Hyundai Mipo shipyard in 2011 for a total value of SAR 1,543 million. The remaining five general cargo vessels ordered by Bahri are under construction at Hyundai Mipo in South Korea with delivery expected
The National Shipping Company of Saudi Arabia (Bahri) sells 'Saudi Diriyah' for recycling. The sale of the general purpose cargo vessel raised the sum of SAR. 30,257,136 generating a net gain of SAR 19,523,391 after deducting its book value and all expenses associated with the sale. Bahri mention that they had previously announced the signing of six ship building contracts to acquire six new general cargo vessels to replace the older fleet in this sector which have completed their useful life
The MSC Mediterranean Shipping Company S.A Australia Express Service will begin calling at DP World London Gateway Port, the U.K.’s newest deep-sea terminal, following changes to the service. The service will now provide direct calls between DP World London Gateway Port
United Nations aid chief Stephen O'Brien said on Wednesday that air strikes by Saudi-led coalition airplanes on Yemen's Red Sea port of Hodeida were unacceptable and could worsen the country's humanitarian crisis. Hodeida, controlled by Iranian-allied Houthi forces
Two Mistrals were originally destined for Russia. France is in talks to sell two Mistral helicopter carriers to Egypt after their sale to Russia was cancelled earlier this month, two sources close to the matter said on Wednesday. Cairo has sought to boost its military power in the face of a
Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria.
Substations to support integration of new power and seawater desalination plant ABB, the leading power and automation technology group, has won an order worth around $85 million to provide turnkey substations to help integrate electricity from a new independent water and power plant (IWPP) into
National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to
Immediately after signing contract with signed with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, the National Shipping Company of Saudi Arabia (Bahri) signed a contract with Hyundai Samho Heavy Industries to build additional five VLCCs
Taba, an Egyptian ferry, carrying passengers, cargo and trucks, sank in the Red Sea early on Sunday, according to state-owned news agency MENA. The 6,600-gt Taba (built 1985) had capsized because the trucks on board the ship were parked mainly on one side
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Monday its second-quarter net profit more than doubled due to increased fleet size and rates for transporting spot crude. The company's net profit for the three months to June 30 was 342
New Yanbu refinery powers Saudi fuel exports; Saudi exports more diesel end-July as peak Mideast demand over. The world's top crude oil exporter Saudi Arabia has turned itself into a major power of refined fuels, offering customers millions of barrels of diesel and potentially triggering a
After 10 years of diplomatic negotiation, the UN P5+1 countries (the U.S., the U.K., France, China, Russia and Germany) reached an agreement to unwind economic sanctions on Iran in return for significant international control and surveillance over its nuclear activities
Russian Urals crude weakened in the Mediterranean on Monday and paper swaps showed potential for the grade to lose further ground in August. In the Platts window, Litasco offered an 80,000 tonne cargo in the Mediterranean at dated Brent minus 65 cents
The first cargo ships passed through Egypt's New Suez Canal on Saturday in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old Suez Canal.
The CMA CGM Group upgrades its Lebanese service by adding a call in Beirut on its EPIC line, joining North Europe to Indian sub-continent, and on its MEX line, joining the Mediterranean to Asia. "We are pleased to announce that starting July 27th the Port of Beirut will be
About 10 countries, including Egypt, are interested in buying two French helicopter carriers whose planned sale to Russia has been cancelled due to the Ukraine crisis, a source familiar with the situation said. A second source, a French diplomatic source