PetroRabigh exports first shipment from King Abdullah Port

Updated 06 January 2014
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PetroRabigh exports first shipment from King Abdullah Port

Rabigh Refining and Petrochemical Company (PetroRabigh) on Sunday exported the first shipment of petrochemical products from King Abdullah Port, located at King Abdullah Economic City in Rabigh.
The shipment represents the first export operation of the port.
The cargo, which consists of 54 containers of polymer material, was shipped on board a carrier heading to Singapore.
“The port is an important infrastructure investment which is, among other things, aligned with Saudi Arabia's strategy of developing downstream industries so as to drive value and job creation,” commented Jarmo T. Kotilaine, a regional analyst.
Abdullah bin Saleh Al-Suwailem, president and CEO of PetroRabigh, said: “The shipment is a significant step forward in the export operations of PetroRabigh products due to the proximity of the port to the headquarters of the company's operations.”
It would contribute to the reduction of logistics costs for freight, accessing global markets faster, and relieving congestion at Jeddah Islamic Port, he said in a statement to Arab News.
PetroRabigh processes up to 400,000 barrels per day of Arabian Light crude oil, and uses 1.2 million tons per year of ethane as feedstock to produce a variety of petrochemical products.


Iraq, Iran discuss boosting bilateral trade

Updated 17 November 2018
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Iraq, Iran discuss boosting bilateral trade

  • Both countries could raise annual bilateral trade to $20 billion from the current level of $12 billion
  • Iraqi President Barham Salih arrived Saturday and met with his Iranian counterpart Hassan Rouhani

DUBAI: Iranian President Hassan Rouhani said on Saturday Iran and Iraq could raise annual bilateral trade to $20 billion from the current level of $12 billion, in remarks carried live by state television.
“Today, the economic relations between the two countries reach about $12 billion (per year) and, through bilateral efforts, we can raise this figure to $20 billion,” Rouhani told visiting Iraqi President Barham Salih.

Salih's Iran visit comes less than two weeks after the United States restored oil sanctions that had been lifted under the 2015 nuclear deal.
State TV says Barham Salih arrived Saturday and met with his Iranian counterpart, President Hassan Rouhani.
Iran, which has had major influence over Iraq since the 2003 US-led invasion that toppled Saddam Hussein, is hoping to maintain exports to its neighbor despite the renewed sanctions. Iraq is Iran’s second-largest market after China, buying everything from food and machinery to electricity and natural gas.
Trade between the two countries was some $7 billion in 2017, and they have vowed to boost it to $8.5 billion this year.

(With AP)