Saudi industrial exports reached SR162bn in 2012

Updated 03 May 2014
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Saudi industrial exports reached SR162bn in 2012

The value of Saudi industrial exports reached SR162 billion by the end of 2012 compared to SR110 million in 1974, Director General of Saudi Industrial Development Fund (SIDF) Ali Al-Ayed said.
Addressing a GCC industrial event in Oman, Al-Ayed said Saudi industrial exports have achieved high growth rates averaging 20 percent per year in the period 1974-2012.
The 14th GCC Industrial conference convened in Muscat, Oman, on March 30-31 was themed “Industrial exports: prospects and challenges.”
It was organized by the Omani Ministry of Commerce and Industry and the Gulf Organization for Industrial Consulting (GOIC) in coordination with the Riyadh-based GCC general secretariat.
The SIDF chief attributed the robust growth of the industrial exports to the availability of hydrocarbons at preferential prices in addition to the conclusion of international and regional trade agreements to this end.
Plastic and chemical products accounted for 77 percent of the total industrial exports in that year, followed by food products at 8 percent, base metals (6 percent), and electric devices and equipment (2 percent), he told the conference.
He said the SIDF used to adopt a series of measures to boost industrial exports, including attraction of foreign investments which had an effective role in transferring experience and technical know-how.
SIDF has approved SR42.2 billion, or 38 percent of total loans, for the industrial projects, he said.
He also enumerated a series of challenges facing local industries, notably how to diversify production and export base for local industries, upgrade technical knowledge, minimize global competition on local products, and how to boost efficiency of export logistics services.
The SIDF chief explored a number of recommendations for the development of national exports, including creation of a national strategy to develop industrial exports, expansion of regional and international trade cooperation and spread of awareness among investors and officials on the importance of exports.


Libya’s National Oil against paying ‘ransom’ to reopen El Sharara field

Updated 14 December 2018
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Libya’s National Oil against paying ‘ransom’ to reopen El Sharara field

  • Ransom payment would set dangerous precedent
  • NOC declared force majeure on exports on Monday

BENGHAZI: Libya’s state-owned National Oil Corp. (NOC) said it was against paying a ransom to an armed group that has halted crude production at the country’s largest oilfield.
“Any attempt to pay a ransom to the armed militia which shut down El Sharara (oilfield) would set a dangerous precedent that would threaten the recovery of the Libyan economy,” NOC Chairman Mustafa Sanalla said in a statement on the company’s website.
NOC on Monday declared force majeure on exports from the 315,000-barrels-per-day oilfield after it was seized at the weekend by a local militia group.
The nearby El-Feel oilfield, which uses the same power supply as El Sharara, was still producing normally, a spokesman for NOC said, without giving an output figure. The field usually pumps around 70,000 bpd.
Since 2013 Libya has faced a wave of blockages of oilfields and export terminals by armed groups and civilians trying to press the country’s weak state into concessions.
Officials have tended to end such action by paying off protesters who demand to be added to the public payroll.
At El Sharara, in southern Libya, a mix of state-paid guards, civilians and tribesmen have occupied the field, camping there since Saturday, protesters and oil workers said. The protesters work in shifts, with some going home at night.
NOC has evacuated some staff by plane, engineers at the oilfield said. A number of sub-stations away from the main field have been vacated and equipment removed.
The occupiers are divided, with members of the Petroleum Facilities Guard (PFG) indicating they would end the blockade in return for a quick cash payment, oil workers say. The PFG has demanded more men be added to the public payroll.
The tribesmen have asked for long-term development funds, which might take time.
Libya is run by two competing, weak governments. Armed groups, tribesmen and normal Libyans tend to vent their anger about high inflation and a lack of infrastructure on the NOC, which they see as a cash cow booking billions of dollars in oil and gas revenues annually.