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
Saudi Arabia's Sadara Basic Services, fully owned by Sadara Chemical Co, has signed agreements covering storage facilities and port services, it said on Sunday as the firm prepares to start producing petrochemicals by the end of this year.
OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said it
Saudi Aramco, the world’s leading integrated energy and chemicals company, and Hyundai Heavy Industries (HHI) Group signed a general memorandum of understanding (MoU) to jointly collaborate on business development opportunities in the Kingdom of Saudi Arabia.
Commodities hit 13-year lows before rebounding on Monday after Saudi Arabia's pledge to work toward crude price stability bolstered oil and France's first wheat exports to Indonesia in more than six years helped lift grains markets.
The President of Indonesia, HE Joko Widodo, today visited DP World flagship Jebel Ali Port where he was received by Chairman HE Sultan Ahmed Bin Sulayem and toured the leading integrated port and free zone facility that supports and drives the growth of Dubai and the wider region of some
Tankers anchored off Europe, extend voyage seeking buyers; outlook dim as imports to the region rise. A jet fuel market in Europe saturated by imports from Asia and the Middle East has forced sellers to keep their oil offshore on tankers or chose longer voyages as they seek out buyers.
France has agreed to sell two Mistral helicopter carriers to Egypt for 950 million euros ($1.06 billion) after their sale to Russia was canceled in August, French officials said on Wednesday. Cairo has sought to boost its military power in the face of a two-year insurgency based across the Suez
Saudi-led coalition forces said on Wednesday they had seized an Iranian fishing boat loaded with weapons on its way to deliver them to Houthi fighters in Yemen. The announcement came a day after tribal fighters backed by the coalition won control of a strategic dam in central Yemen from
IHC Services, a subsidiary of Dutch shipbuilder and repairer Royal IHC, informs it has secured an order for a renovation project for a dredging vessel owned by Huta Marine Works Ltd in Saudi Arabia. The contract calls for work on the HUTA 14 self-propelled cutter suction dredger (SPCSD)
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday. The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday. The company made a net profit of 510.3 million riyals ($136.10 million) in the three months to Sept. 30, up from 84
Press release - Officials at Yemen's Red Sea port of Hodeidah said the first ship to dock there in three weeks arrived on Tuesday, carrying desperately needed fuel, as Saudi Arabia denied it was obstructing aid supplies heading for Yemen by sea.
The global engineering, project management and construction company, Bechtel has become a member of the World Ocean Council (WOC), the international business alliance for Corporate Ocean Responsibility. Bechtel brings considerable experience and expertise in the design
National Shipping Company of Saudi Arabia (Bahri) is in talks with banks to raise around 2.8 billion riyals ($747 million) from a long-term loan to be used towards vessel financing, two sources aware of the matter said on Wednesday. Bahri became the sole provider of very large crude carrier
Global warming could make life in the oil-rich, desert kingdoms of the Gulf "intolerable," with summer temperatures exceeding 60 degrees Celsius (140 F) by 2100 if action is not taken to curb fossil fuel emissions, a study warned on Monday.