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
Rickmers-Linie, the Hamburg based specialist for project and heavy lift liner services and the National Shipping Company of Saudi Arabia (trading as Bahri Liner) have recently signed a space charter agreement. The agreement covers the ports on the US Atlantic and Gulf Coasts as well as ports in Saudi Arabia, Egypt, Jordan, Kuwait, the UAE, Iraq and the Yemen. It enables the chartering of space from Rickmers-Linie to Bahri Liner and vice versa on vessels operated by the other and authorizes
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) 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.
Developers of a new shipyard in Saudi Arabia say the facility will be the largest maritime yard in the world providing a range of services, including large shipbuilding, large ship repair, offshore rigs fabrication and offshore support vessel repair.
India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website. MRPL shipped in 2 million barrels of Iranian oil in the VLCC Dino
Yemen's dominant Houthi group denied any role in missile strikes on U.S. warships in the Bab al-Mandab Strait, and offered to help investigate attacks on international shipping in the area, the news agency controlled by the group reported on Thursday.
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510
While the Silk Road initiated trade between the East and the West starting in the 4th Century BC, the first traces of spice trading, which the Romans loved so much, seem to appear as early as the 1st Century. Over the centuries, and in response to wars and invasions
Oil prices were up about 1 percent on Friday, on track for their biggest weekly gains since May, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.
National Shipping Company of Saudi Arabia (Bahri) said on Sunday that a subsidiary had secured $133.2 million in Islamic financing to purchase five chemical tankers. The funding will be provided to National Chemical Carriers by Arab Petroleum Investments Corporation and BNP Paribas in the form
U.S. drillers this week added oil rigs for an eighth consecutive week, the longest recovery streak in the rig count in over two years, as crude prices rebounded toward the key $50-a-barrel mark that makes the return to the well pad viable.
Six (6) countries (Bahrain, Kuwait, Qatar, Saudi Arabia, Oman and UAE) of the Riyadh MoU in the Gulf Region are planning the following PSC Concentrated Inspection Campaign (CIC); Focus of CIC: Pilot Transfer Arrangement CIC period: From 1 September 2016 to 30 November 2016
The South Carolina Ports Authority (SCPA) welcomed the 10,700 TEU APL Yangshan, the largest containership ever to call the Port of Charleston. “The deployment of New Panamax vessels to the East Coast trade marks a new era,” said Jim Newsome, SCPA president and CEO
State oil giant Saudi Aramco has extended bidding for dredging and reclamation work at its marine terminal in Ras al-Khair by almost one month, industry sources told Reuters on Wednesday. The extension, pushing out the submission date to Sept. 29 from Aug
Saudi Arabia began naval war games including live fire exercises on Tuesday in the Gulf and Strait of Hormuz, the world's most important oil route, official media reported, a move that coincides with heightened tensions with regional rival Iran.
The Organization of Oil Exporting Countries' decision to embrace production cuts will help move crude prices toward a target of $50 to $60 per barrel, Gary Ross, chairman of consultancy PIRA Energy Group, told reporters on Wednesday.
Oil rallied to four-month highs on Thursday, underpinned by a surprisingly large drop in U.S. inventory levels the previous day and by growing expectations for the world's largest producers to agree to cut supply. Brent crude futures were last up 55 cents on the day at $52
Kalmar signed an agreement with Gulftainer Lebanon SAL to supply six Kalmar T2 terminal tractors and one Kalmar DCF80-45E7 empty container handler. The order was booked in Cargotec's 2016 third quarter order intake and the first delivery will take place in October 2016