Saudi Aramco Selects Lead Underwriters for $100 Bln IPO
Oil giant Saudi Aramco has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters on the firm's planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment. Saudi authorities are aiming to list up to 5 percent of the world's largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion. The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from reliance on oil.
Saudi Aramco Shipyard Joint Venture Appoints CEO
Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.
Saudi Seaports Witness 10% Increase In Cargo To Q3 2010
Recognising the vital role of the region’s ports in providing trade links between the Far East, Asia, Europe and the US, international shipping and cargo experts are set to gather in Abu Dhabi on 28-30 March, for the World Ports and Trade Summit 2011. Multi-billion dollar investment in port operations across the Middle East is again surging forward in the post-recessionary environment, including Saudi Arabia, where total port throughput, increased almost 10% for the twelve months to the end of Q3 2010, according to figures released by the Saudi Ports Authority.
Houthis Attack Saudi Oil Tanker
An attack on a Saudi tanker by Yemen's Houthis will not hit oil supplies, Saudi Arabia's energy minister said on Wednesday, after the Iran-allied group said it had targeted a warship in response to an air strike that killed civilians. The Western-backed, Saudi-led coalition which includes other Sunni Muslim states says the Houthis attacked the oil tanker off Yemen's main port of Hodeidah on Tuesday. The Houthis, however, say they targeted a coalition warship in response to an air strike on Hodeidah on Monday that killed at least a dozen civilians, including seven children.
NSCSA Reports $31M Profit
The National Shipping Company of Saudi Arabia (NSCSA) reported a net profit of 115.7 million riyals ($30.85 million) in the first half of 2001 compared with a net loss of 16.8 million riyals a year earlier. Riyadh-based NSCSA also said in a statement that it would take delivery of four recently bought vessels by October 2002, raising its fleet to nine ships used to transport Saudi Arabian crude to the international market. "NSCSA and Hellespont Shipping Corporation are pleased to announce the purchase by NSCSA from Hellespont for $330 million of four double hull very large crude carriers," the Riyadh-based company said in a statement. Hellespont at Samsung Heavy Industry of South Korea and would be delivered betweenOctober 2001 and October 2002.
Technip-Coflexip Wins Gas Plant Expansion Project
TECHNIP-COFLEXIP has been awarded, by Saudi Arabian Oil Company SAUDI ARAMCO, for the expansion of the Berri gas plant to handle additional output of sour gas from the Qatif field, which is now under development. TECHNIP-COFLEXIP will provide a low-pressure gas sweetening unit, two new sulfur recovery units, a new feed gas compressor, the revamp and capacity increase of the existing propane refrigeration unit, the upgrade of the existing sulfur recovery units to meet higher recovery rates, the upgrade of the inlet and flare facilities, additional sulfur storage capacity and the expansion of the existing utility systems to serve the new facilities.
UK Warships in Multinational Gulf of Oman Exercises
Two British warships joined those from the USA, Saudi Arabia and Pakistan - including an old Royal Navy favourite - for the war games in the Gulf of Oman. In the seemingly ever-present haze of the Gulf region, a Trafalgar Class submarine (T-boat) and an approximate American counterpart, USS Pittsburgh, led a seven-strong naval task group as the exercise drew to a close. Exercise Arabian Shark 2012 is the latest in a regular series of anti-submarine exercises held in the Middle East region for the past decade.
Despite Rising US Production, Saudi Crude Still Flows In
Reported spot market activity from the Arabian Gulf remains on an upward trend since 2010 in spite of rising US crude production, reports Poten & Partners’ in their latest ‘Tanker Opinions’. Over the past few years US domestic crude oil production has supplanted foreign crude oil imports. To the extent that they possibly can, domestic refiners have shifted to local grades that have trended at an often significant price discount. Interestingly, however, fixture activity on the Arabian Gulf to US Gulf trade route remains robust.
Spain to Sign $2.2 Bln Deal to Sell Warships to Saudi Arabia
Spain and Saudi Arabia were due to sign a framework agreement for the purchase of warships worth more than $2 billion on Thursday, a Spanish Defence Ministry source said. Spanish state-owned shipbuilder Navantia would sell five small warships to the kingdom, and the deal would include the Spanish army training military personnel in Saudi Arabia and building a naval construction centre there, the source said. The ships would be sold for around 1.8 billion euros ($2.22 billion) in a deal which still requires final signatures from Navantia and the Saudi Defence Ministry, the source said.
BINCO Contracts Damen for Seven Workboats
A special contract signing ceremony between Bin Nowiran for Trading & Contacting Co-(BINCO) (Kingdom of Saudi Arabia) and Damen Shipyards Group (The Netherlands) has taken place on October 1, 2013 during the Seatrade Middle East Workboat & Offshore Marine exhibition in Abu Dhabi (UAE). The vessels will be operated by BINCO in Kuwait to serve SPM operations of Saudi Arabian Chevron’s marine export facility at Mina Saud in the PNZ. BINCO has already been operating successfully in this field for 30 years and with these new vessels…
First Saudi Arabian Ferries Delivered
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. Operating on a 100 nautical mile route between Dibba in Saudi Arabia and Safaga in Egypt…
Exercise Nautical Union Concludes in the Persian Gulf
U.S. and Saudi Arabian forces concluded exercise Nautical Union 2007 in the Persian Gulf June 2. USS Higgins (DDG 76), USS Hawes (FFG 53), USS Gladiator (MCM 11) and USS Ardent (MCM 12) trained with Saudi Arabian forces during the eight-day exercise, which focused on improving regional cooperation and efficiency in maintaining stability in the 5th Fleet area of operations. "Nautical Union is a multidimensional warfare exercise involving Royal Saudi and United States Naval forces," said Higgins Commanding Officer Cmdr. Winton Smith. "Bilateral in nature, it is intended to enhance interoperability and tactical proficiency between coalition and regional forces, which may operate together to help set conditions for security and stability in the maritime environment.
Nine Northrop Grumman Employees Killed in Attack
company facility in Riyadh, Saudi Arabia. disclosed and the families of those employees have been notified. one of three compounds attacked. were U.S. citizens and two were citizens of the Philippines. treated and released. Fifteen remain hospitalized, two in serious condition. The identities of the injured people have not been disclosed. the attack. colleagues," said Donald C. Northrop Grumman Mission Systems. deepest sympathy to those who have lost loved ones. and for his support during this difficult time. with the U.S. Vinnell Arabia is under contract to the U.S. services to the Saudi Arabian National Guard. citizens of other countries. U.S. citizens number 300. Vinnell Corporation is part of Northrop Grumman's Mission Systems sector. defense, intelligence and civil government markets.
Saudi Flag Raised on Bahri's VLCC Rimthan
The Public Transport Authority (PTA) has raised the Saudi flag on Rimthan, one of the latest VLCCs received and owned by Bahri, a leader in transportation and logistics. Under the supervision of PTA, the ceremony of Rimthan’s registration under the Saudi flag took place on Sunday, October 8, 2017, at Port of Ras Tanura in the Eastern Province of Saudi Arabia, and was attended by senior officials of both PTA and Bahri. Thus, Rimthan became the 40th Saudi VLCC, owned and operated by Bahri. H.E. Dr.
Neptune Lines Appoints Agent in Arabian Gulf
Maritime and logistics service provider Inchcape Shipping Services (ISS) has been appointed agent for Neptune Lines’ new Arabian Gulf short sea car transportation service in Kuwait, Iraq and Qatar. As agents for Neptune Lines in these three countries, ISS will provide full port agency, vessel husbandry and liner services, as well as vehicle documentation, on the new Arabian Gulf short sea service. The vessel Neptune Ploes, which can accommodate up to 750 units at a time, is connecting eight countries and ports across the Arabian Gulf on its new…
USS The Sullivans Provides Assistance to Saudi Dhows
The guided-missile cruiser USS The Sullivans (DDG 68) provided medical assistance to a vessel in distress in the Arabian Sea, approximately 40 miles off the coast of Saudi Arabia, Aug. 18, while conducting maritime security operations in the area. The three-person crew of motor vessel Abir Alqaray No. 4, a 35-meter Saudi Arabian-flagged dhow contacted The Sullivans by visual means asking for medical assistance for an unconscious crew member. The Sullivans received the request while in the process of assisting another Saudi Arabian-flagged dhow named Pal Khat No. 4 with a casualty to her engine. According to Ensign Elizabeth Decker, conning officer, the crew did not speak English, but it was clear that they were in some form of distress.
Yemen Says Iran to Blame for Any Incident Sparked by Cargo Ship
Iran said earlier on Wednesday it would not allow Saudi Arabia-led coalition forces to inspect the ship, which it says contains humanitarian aid. The ship left Iran on Monday and is being escorted by Iranian warships. "The Yemeni government and the coalition forces do not object to aid shipments entering Yemen as long as they obtain the necessary permits from the legitimate government of Yemen and are searched prior to entry," Yemen's U.N. mission told the U.N. Security Council in a letter, seen by Reuters.
McDermott, Saudi Aramco Sign MoU
McDermott International has signed another memorandum of understanding (MOU) with Saudi Aramco to expand and develop the company’s physical and human capital within Saudi Arabia as part of Aramco’s In-Kingdom Total Value Add (IKTVA) initiative. The MOU was signed as part of the first ever Saudi-U.S. CEO Forum. McDermott was the only engineering, construction, procurement, and installation (EPCI) services contractor attending the summit along with other major U.S. business leaders. The forum was organized to coincide with U.S. President Donald Trump’s visit to Saudi Arabia.
Saudi Aramco Inks Deals to Build Gulf's Biggest Shipyard
Bahri, Lamprell, Hyundai Heavy are partners and will build VLCC's starting in 2019. Saudi Aramco plans to build the Gulf's largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion project aimed at helping reduce the economy's reliance on oil. Low oil prices have drastically slowed Saudi Arabia's economy so it is trying to create manufacturing jobs and produce goods and services which traditionally it has imported. Its strategy is to use large amounts of government money and the procurement budgets of big state-run enterprises…
Bahri Pushes for Saudi Arabian Entry to IMO Executive Council
Senior representatives from Bahri recently joined members of a Saudi Arabia delegation for board meetings of the International Maritime Organization (IMO), which took place at the agency’s headquarters in London. The meetings come as part of the Kingdom’s preparations to submit its candidacy for the membership of the IMO Council under Category (C). Senior Bahri officials who participated in the discussions included Wael Al-Sarhan, Senior Vice President – Marketing, and Abdulaziz Sabri, Vice President, Bahri Ship Management.
32 VLCCs to Fly Saudi Arabia’s Flag
The National Shipping Company of Saudi Arabia (Bahri) said that the Public Transport Authority (PTA) has completed the registration of Amjad, a Very Large Crude Carrier (VLCC) owned and operated by Bahri, under the flag of Saudi Arabia. The announcement comes as part of Bahri’s plans to register all of its 37 VLCCs by the end of 2017, and falls in line with the remarkable shift and growth the transportation sector in the Kingdom has witnessed in the recent past. This also marks another achievement for PTA as an initiative completed as part of its national transformation program.
Saudi Arabian Port Appoints Wilhelmsen
Wilhelmsen Ships Service (WSS) Saudi has been appointed by the new Ras Al Zawr port in Saudi Arabia LPG/C Al Barrah as the first agent to be issued a license of operation to load ammonia. Ras Al Zawr is one of the six new ports planned by the Saudi Government as they realize their goal of economic expansion and diversification. Construction of the integrated chemical and fertilizer facility and related infrastructure for the Phosphate Project has been completed recently for clients and operators Maaden and SABIC. Phosphate concentrate will be transported by rail from the Al Jalamid mine site some 1200km to Ras Al Zawr for processing.
UN to Start Inspecting Commercial Shipments to Yemen
The United Nations will start inspecting shipments to rebel-held ports in Yemen in a bid to boost commercial imports and enforce an arms embargo, the world body said on Tuesday, some eight months after announcing it would establish such a procedure. Yemen relies almost solely on imports, but a 14-month long conflict between Houthi rebels and a Saudi Arabian-led coalition has slowed to a trickle commercial shipments to the impoverished country where 80 percent of people need humanitarian aid. The United Nations announced in September it would set up a verification and inspection mechanism. Then in October U.N. aid chief Stephen O'Brien said the United Nations was still trying to raise some $8 million to fund the Djibouti-based operation. It began operations on Monday, U.N.