Saudi mining and minerals conference: $19 billion projects in spotlight

Updated 29 September 2015
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Saudi mining and minerals conference: $19 billion projects in spotlight

RIYADH: Saudi Arabia is organizing its first ever international mining and minerals conference and exhibition in a bid to boost a sector that offers $19 billion worth of opportunities in upstream and downstream projects.
According to the latest data from MEED Projects, a leading regional tracking and analysis platform in the Middle East, upstream projects (extraction, mining) under execution or pre-execution is worth $4 billion, while downstream projects (mineral/metal processing plants) under execution or pre-execution is valued at $15 billion.
“With the massive size and scale of opportunities involved, Saudi Arabia is keen on strategically developing an industry that will not only help diversify its economy, but also sustainably and strategically utilize its abundant mineral resources to become a leading regional hub and global commodities supplier,” says Edmund O’ Sullivan, chairman, MEED Events, which is organizing the conference component of Saudi Minerals and Mining 2015.
The conference is scheduled to take place from Oct. 27 to 29 at the Prince Sultan Grand Hall, Al Faisaliah Exhibition & Convention Center in Riyadh.
More than 3,000 delegates are expected to attend the event, including government officials, investors, mining specialists, business leaders, mine owners and international operators.
The conference will feature local and international experts who will share insights on how key stakeholders can explore the wealth of opportunities within the Kingdom’s mining and minerals sector and the extended value chain.
It will be keynoted by Ali Al-Naimi, Minister of petroleum and mineral resources, who will be joined by important decision-makers and thought leaders.


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

Updated 19 February 2019
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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.