Downstream experts set for Yanbu forum

Updated 03 March 2014
0

Downstream experts set for Yanbu forum

Top government and private sector leaders gather in Yanbu on Tuesday to focus on ways to grow the Kingdom’s petroleum downstream industries.
The Royal Commission for Yanbu and Jubail (RCYJ) hosts the third edition of Saudi Downstream, the Kingdom’s refining and petrochemical forum.
The opening ceremony of the two-day forum includes a welcome address by Prince Saud bin Abdullah bin Thunayyan Al-Saud, chairman of the RCYJ, followed by a session on the importance of downstream industries in maintaining and developing a sustainable national economy.
This session will feature Ali Al-Naimi, minister of petroleum and mineral resources, Abdullatif Al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA), Khalid bin Saleh Al-Mudaifer, president and chief executive officer of Saudi Arabian Mining Company (Maaden), and Mubarak Al-Khafra, chairman of Tasnee.
Other participants include Alaa Nassif, executive president of the RCYJ, Muhammad H. Al-Mady, vice-chairman and CEO of Saudi Basic Industries Corporation (SABIC), and Azzam Shalabi, president of the National Industrial Clusters Development Program.
The sessions will look at ways to develop and sustain private and public partnerships. There will also be three workshops focusing on investment opportunities in Jubail, Yanbu and Ras-Al-Khair, including solar and lubricant industries.
The exhibition area is open to the public and will have the displays of 40 international companies looking to cement their positions in one of the Kingdom’s most lucrative markets.
A new addition to the forum this year will be a pavilion on small and medium businesses, sponsored by Maaden.
Nassif said there has been a total of SR150 billion invested in the Yanbu Industrial City, with 175 manufacturing plants set up.
Day two of the forum includes various workshops on “positioning Saudi Arabia as a business and industrial hub serving the region,” according to the forum’s website.
The aim is to highlight “expansion in the industrial cities and assess which new industries will best complement the existing services within Saudi Arabia and create a development plan to incorporate these into future planning.”


Oil prices jump as US crude stocks fall, Middle East worries add support

Updated 26 June 2019
0

Oil prices jump as US crude stocks fall, Middle East worries add support

  • Analysts said the gains were mainly driven by American Petroleum Institute data showing a fall in US crude inventories
  • Data come as traders watched for any signs that tensions between the US and Iran could escalate into military conflict
SYDNEY: Oil prices rose more than 1 percent on Wednesday to their highest in nearly a month as industry data showed US crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential US-Iran conflict.
Front-month Brent crude futures, international benchmark for oil, were up 1.3 percent at $65.91 by 0341 GMT. They earlier touched their highest since May 31 at $66 a barrel.
US West Texas Intermediate (WTI) crude futures were at $58.98 per barrel, up 1.8 percent from their last settlement. WTI earlier hit its strongest level since May 30 at $59.03 a barrel.
Analysts said the gains were mainly driven by American Petroleum Institute (API) data showing a fall in US crude inventories.
US crude stockpiles fell by 7.5 million barrels in the week ended June 21 to 474.5 million, compared with analyst expectations for a decline of 2.5 million barrels, the data showed. Crude stocks at US delivery hub Cushing, Oklahoma, fell by 1.3 million barrels.
“Oil prices went ballistic after the API report,” said Stephen Innes, a managing partner at Vanguard Markets.
“Oil prices have been squeezing higher on escalating tensions in the Middle East. But with late-day draws showing up in the API report, this is a strong signal for the energy market,” Innes said.
The data came as traders watched for any signs that tensions between the United States and Iran could escalate into military conflict.
US President Donald Trump threatened on Tuesday to obliterate parts of Iran if it attacked “anything American,” in a new war of words with Iran. Tehran has condemned a fresh round of US sanctions as “mentally retarded.”
Bilateral tensions between the two have spiked anew after Iran shot down a US drone last week in the Gulf. Relations have been tense since Washington blamed attacks on oil tankers just outside the Gulf in May and June on Iran, while Tehran has repeatedly said it had no role in the incidents.
Conflict between Washington and Tehran has stoked fears that shipments passing through the Strait of Hormuz — the world’s busiest oil supply route — could be disrupted.
Seeking to calm a nervous market, the head of national oil company Saudi Aramco said on Tuesday the company can meet the oil needs of customers using its spare capacity.