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.”


Brent eases from 2019 highs as markets await US-China trade talks outcome

Updated 13 min 16 sec ago
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Brent eases from 2019 highs as markets await US-China trade talks outcome

  • The slight downward correction was driven by concerns about the health of the global economy this year
  • Bank of America Merrill Lynch expects Brent prices to average between $50 and $70 per barrel
SINGAPORE: Brent crude oil prices eased away from 2019 highs on Tuesday on caution that economic growth may dent fuel demand this year, although supply cuts led by OPEC still meant markets were relatively tight.
International Brent crude oil futures were at $66.08 per barrel at 0220 GMT, down 42 cents, or 0.6 percent from their last close, but still not far off the 2019 high of $66.83 a barrel hit in the previous session.
US West Texas Intermediate (WTI) crude futures were at $55.71 per barrel. While that was up 12 cents from their last settlement, it was below the $56.33 2019 high from the previous day.
Traders said the slight downward correction was driven by concerns about the health of the global economy this year.
Bank of America Merrill Lynch said in a note that the Sino-American trade dispute was hurting economic growth globally.
“Addressing global trade tensions is key for improving the economic outlook,” it said in a note.
China’s vice premier and chief trade negotiator, Liu He, and US Trade Representative Robert Lighthizer lead a round of trade talks this week in Washington.
Considering the economic outlook and supply and demand balances, the bank said it expects Brent prices to average between $50 and $70 per barrel, “anchored around $60.”
Despite some caution around trade, global oil markets remain relatively tight because of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), with top crude exporter Saudi Arabia cutting the most.
Saudi seaborne crude exports fell in the first half of February, with departures standing at 6.204 million barrels per day (bpd), a 1.341 million bpd decline on the previous month and 0.91 million bpd decline on the year, data intelligence firm Kpler said.
Further providing oil markets with support are US sanctions against petroleum exporters Iran and Venezuela.
Venezuela is a major crude supplier to US refineries while Iran is a key exporter to major demand centers in Asia, especially China and India.