SEC launches SR25 billion investment opportunities
July 18, 2019

RIYADH— The Saudi Electricity Company (SEC) enjoys a comprehensive industrial base, with self-sufficiency in many hardware products and services, the company said on Tuesday.

Some of the locally made products that the company is fully dependent on are medium- and low-voltage cabling, electricity poles, high-voltage transmission towers, and low-voltage transformers.

The localization of electrical products is expected to press ahead"...

Banking, petrochemical shares boost Tadawul
July 15, 2019

DUBAI: Major Gulf stock markets closed higher on Sunday, mirroring gains late last week in global markets, and supported by some companies’ positive second-quarter results.In Saudi Arabia, the Tadawul main index rose 0.5 percent, with banks and petrochemical companies leading the gains.Dubai’s Arqaam Capital said in a research note last week it expected Saudi Arabia to deliver the strongest second-quarter earnings performance in the Gulf.

“We,"...

Saipem CEO says Saudi contracts part of natural gas shift
July 11, 2019

ROME: Two contracts signed in Saudi Arabia for $3.5 billion by Italy’s oil contractor Saipem are part of a shift in the company’s strategy to focus more on natural gas, Chief Executive Stefano Cao said on Wednesday. Saipem said on Tuesday it won two new contracts from Saudi Aramco for the development of land facilities of the Berri and Marjan gas fields, which are both located in the Arabian Gulf. The gas contracts announced on Tuesday “confirm"...

Saudi Arabia expands mandate of $28bn fund to energy, mining projects
July 11, 2019

Saudi Arabia expanded the mandate of its SAR 105 billion ($28 billion) industrial fund to allow the financing of energy, logistics and mining projects as part of broader efforts to develop the kingdom’s industries.

The changes greatly extend the purview of the Saudi Industrial Development Fund, which previously only provided financing to local manufacturing businesses.

Under"...

Saudi Arabia and Hyundai Heavy Industries to set up marine engines plant in the kingdom
July 10, 2019

Saudi Arabia and Hyundai Heavy Industries plan to set up the Middle East's first marine engine manufacturing plant in the kingdom to develop its nascent industries sector and diversify the economy away from oil.

Oil giant Saudi Aramco, Saudi Arabian Industrial Investments Company (Dussur) and South Korea's Hyundai will enter a joint venture to set up the facility in the eastern"...

Saudi Aramco awards $18bn contracts to boost output at oil fields
July 10, 2019

Saudi Aramco, the world’s largest crude exporter, awarded $18 billion in contracts to boost output capacity at two offshore deposits even as the kingdom and its OPEC partners restrict actual production.

The state oil company of Saudi Arabia will add a combined 550,000 barrels a day of capacity at its Marjan and Berri oil fields, it said Tuesday in a statement. Aramco awarded 34 contracts,"...

OPEC output hits new low on Trump’s sanctions, supply pact
July 7, 2019

LONDON: OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to US sanctions and other outages elsewhere in the group, a Reuters survey found.

OPEC pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May’s revised figure and the lowest OPEC total since 2014, the survey"...

KOC Awards Halliburton Integrated Offshore Services Contract
July 2, 2019

Kuwait Oil Company (KOC) and Halliburton (NYSE: HAL) today announced the companies have signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Arabian Gulf. Through Halliburton Project Management, the Company will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. Additionally,"...

Russia agrees with KSA to extend OPEC deal: Putin
June 30, 2019

Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil output, Russian President Vladimir Putin said.

Putin, speaking after talks with Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, told a news conference the deal — which is currently due to expire on Sunday — would be extended in its current form and with the same volumes.

The Organization of Petroleum"...

Jubail petrochemical complex could lead to homegrown car industry
June 27, 2019

LONDON: Advanced Petrochemical and South Korean SK Gas plan to develop a $1.8bn petrochemical complex in Jubail that could help plans to develop a homegrown car industry in Saudi Arabia.
It comes amid increased economic cooperation between Riyadh and Seoul following an $8.3 billion economic co-operation pact struck this week during the first visit of Saudi Crown Prince Mohammed bin Salman to South Korea.
The Saudi petchem producer said it signed a memorandum"...