RCJY delegates discuss opportunities with US businesses

Updated 01 September 2015
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RCJY delegates discuss opportunities with US businesses

RIYADH: Delegates from the Royal Commission for Jubail and Yanbu (RCJY) visited the US state of Ohio, where they attended a US-Saudi Arabian Business Council (USSABC) and discussed Saudi market opportunities for American businesses in order to further enhance cordial economic cooperation between the two friendly countries.
"An executive delegation from the Royal Commission at Yanbu, the master planner and managing authority for the Yanbu Industrial City, attended an exclusive business round-table in Columbus, Ohio, recently where the attendees from both sides discussed market opportunities and coordination," David Callahan, vice president for business advisory services at the USSABC, Riyadh, told Arab News on Tuesday.
The Columbus program was organized by the USSABC, he added.
Commenting on the objective behind the visit, he said: "The program was aimed at sharing information, address concerns and engage in dialogue with a select group of companies who are in the target industries that Yanbu industrial city project would like to support and see grow in the Kingdom for concerted economic cooperation."
He said these target sectors include downstream petrochemicals and plastics, consumer goods, rubber, renewable energy, automotive parts, multi-modal logistics and spare parts for oil and gas, petrochemical and desalination technology-based industries.
He noted that during the meeting, the RCJY delegates also discussed the infrastructure support, financial incentives, availability of key feedstocks and the market demand for these target industries in the Kingdom.
At this bilateral trade and business meet, the Saudi delegation was led by Zaidan Yousef, director general of strategic planning and investment development at RCJY.
Notably, Yanbu Industrial City has been a magnet for foreign investment and industrial activity for the past 40 years and under the leadership of the Royal Commission. The city is anticipated to become the world’s largest refining hub by 2019 and one of Saudi Arabia’s favored locations for the ongoing rapid industrial development.
According to the figures provided by the USSABC, when combined with Jubail Industrial City, the Royal Commission accounts for 65 percent of the industrial investment in the entire Gulf region and enjoys a 20.2 percent average annual growth rate in terms of FDI. Both cities are managed by the RCJY.
Earlier, speaking at the meet, USSABC President and CEO Edward Burton said: “Yanbu’s competitive package of land, utility and infrastructure services coupled with its access to Middle Eastern, European, Asian and African markets make it a must for consideration for any international firm looking to expand its footprint in the Gulf region.”


US poised to end waivers for 5 countries importing Iranian oil

Updated 22 April 2019
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US poised to end waivers for 5 countries importing Iranian oil

  • Japan, South Korea, Turkey, China and India were exempted from sanctions until May 2
  • Since November, Italy, Greece and Taiwan have stopped importing oil from Iran

WASHINGTON: The Trump administration is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from Iran, officials said Sunday.
Secretary of State Mike Pompeo plans to announce on Monday that the administration will not renew sanctions waivers for the five countries when they expire on May 2, three US officials said. The others are China and India.
It was not immediately clear if any of the five would be given additional time to wind down their purchases or if they would be subject to US sanctions on May 3 if they do not immediately halt imports of Iranian oil.
The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity ahead of Pompeo’s announcement.
The decision not to extend the waivers, which was first reported by The Washington Post, was finalized on Friday by President Donald Trump, according to the officials. They said it is intended to further ramp up pressure on Iran by strangling the revenue it gets from oil exports.
The administration granted eight oil sanctions waivers when it re-imposed sanctions on Iran after Trump pulled the US out of the landmark 2015 nuclear deal. They were granted in part to give those countries more time to find alternate energy sources but also to prevent a shock to global oil markets from the sudden removal of Iranian crude.
US officials now say they do not expect any significant reduction in the supply of oil given production increases by other countries, including the US itself and Saudi Arabia.
Since November, three of the eight — Italy, Greece and Taiwan — have stopped importing oil from Iran. The other five, however, have not, and have lobbied for their waivers to be extended.
NATO ally Turkey has made perhaps the most public case for an extension, with senior officials telling their US counterparts that Iranian oil is critical to meeting their country’s energy needs. They have also made the case that as a neighbor of Iran, Turkey cannot be expected to completely close its economy to Iranian goods.