KSA ‘has golden opportunity to attract global investments’

Updated 22 January 2014
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KSA ‘has golden opportunity to attract global investments’

Saudi Arabia has the golden opportunity to attract global investments and is moving in the “right way” to become the leading manufacturing country in the region, said Andrew Liveris, president and CEO of Dow Chemical.
The Dow chief’s remarks came at the Seventh Global Competitiveness Forum in Riyadh.
His work paper focused on manufacturing, partnership, sustainable development, innovation, and industrialization
Observing that each job in a manufacturing plant creates three others, he said advanced manufacture always acted as the engine of innovation, facilitating over 90 percent of spending on research.
He said his company had entered into partnership with the Ministry of Commerce and Industry and had jointly worked out a plan for advanced manufacturing in the Kingdom.
Saudi Arabia is one of the leading oil exporting countries but oil alone will not support industrial growth, he said.
The Dow chief also referred to a 40-year-long partnership with Juffali Group.
Saudi Arabia is poised to become the first manufacturing country in the region, notably in creating more jobs and development based on partnership and exploitation of available opportunities, he said.
Mutasim Al-Mashouq, deputy president of Saudi Aramco for business development, traced the history of the company in support of mega projects and entrepreneurship.
Saudi Aramco facilitated entrepreneurs to put forth their industrial plans through Wa’ed project, which targets small and medium enterprises (SMEs) in the Kingdom, he said.
Speaking at the session, Deputy CEO of Saudi Basic Industries Corporation (SABIC) Mutlaq Al-Miraishid said his company had adopted the “Made in Saudi Arabia” concept since its inception.
The petrochemical sector has become robust in the Kingdom, thanks to plans and partnerships concluded between SABIC and other manufacturers, he said.


Libya’s AGOCO output at 150,000-180,000 bpd after port standoff ends: Official

Updated 16 July 2018
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Libya’s AGOCO output at 150,000-180,000 bpd after port standoff ends: Official

BENGHAZI: Production at Libyan's Arabian Gulf Oil Company (AGOCO) stood at between 150,000 and 180,000 barrels per day (bpd) on Monday as fields resumed production after a standoff at eastern export terminals, a port official said.
AGOCO exports from Hariga, one of four terminals where Libya's National Oil Corporation (NOC) regained control last week after exports were blocked by eastern officials.
Production at AGOCO, an eastern based subsidiary of the NOC, was around 250,000 bpd earlier in the year, though output had fluctuated due to power supply problems.
As operations at eastern fields restarted a tanker entered Hariga on Sunday to begin loading one million barrels, the port official said.
The standoff at eastern ports had threatened to keep as much as 850,000 bpd offline.
Libya's production suffered a new blow on Saturday when the southwestern Sharara oilfield reduced output after the abduction of two staff.