Saudi Arabia’s Bahri is ‘not breaching US sanctions’

Until the sanctions were imposed, Venezuela’s oil was loaded and shipped on Bahri oil tankers to Indian and Chinese ports. (Photo: Bahri.sa)
Updated 11 February 2019
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Saudi Arabia’s Bahri is ‘not breaching US sanctions’

  • Oil production in Venezuela has slumped in recent months from more than 2 million barrels per day (bpd) to around 1.4 million bpd

JEDDAH: The National Shipping Company of Saudi Arabia (Bahri) on Sunday clarified that its giant oil tanker “ABQAIQ” was not breaching the US sanctions on Venezuela.
The Saudi oil tanker has set sail free of cargo from the Red Sea. Its destination is Venezuela’s Port of Jose to load a shipment agreed on Jan. 9, 2019, prior to the imposition of sanctions on Caracas, Bahri said in a statement.
The US imposed sanctions on Venezuela on Jan. 28, 2019.
It added that the giant tanker is expected to complete its journey and deliver the shipment to one of its permanent customers in India — before the end of the grace period set by the US sanctions.
Until the sanctions were imposed, Venezuela’s oil was loaded and shipped on Bahri oil tankers to Indian and Chinese ports.
Oil production in Venezuela has slumped in recent months from more than 2 million barrels per day (bpd) to around 1.4 million bpd.
The Latin American nation sits on the world’s largest oil reserves of more than 300 billion barrels, most of it heavy crude.
And Caracas, whose coffers depend on its crude reserves, could struggle to find other buyers for the oil it is able to extract.
The US is leading the way with sanctions. Washington had already implemented some sanctions against President Nicolas Maduro and his top aides, but last month it instituted more against Venezuela itself, particularly its oil industry.
Although crude output by Venezuela has slumped in recent years, its heavy oil is sought after by US refineries who mix it with lighter crudes to make petrol.


Bollywood comes to Saudi Arabia

Updated 30 min 50 sec ago
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Bollywood comes to Saudi Arabia

JEDDAH: Saudi Arabia will host several concerts featuring major Bollywood performers after the General Entertainment Authority (GEA) signed two memoranda of understanding (MoUs) with Indian entertainment companies on Wednesday.
The agreements were reached during the Saudi-Indian Forum that was held in the latter’s capital, New Delhi, during the visit of the Kingdom’s Crown Prince Mohammed bin Salman to the South Asian nation.
Over 400 people attended the opening day of the forum, including government officials and businessmen from both countries. It included an exhibition called “Invest in Saudi Arabia,” in which several Saudi companies showcased their services, expertise and missions to their Indian counterparts, to facilitate investment from the subcontinent in the Kingdom’s burgeoning private sector.
The MoUs, signed by the GEA’s chief information officer, Ibrahim Al-Moqbil, were agreed with the creative agency Totem Spot FZE, to plan Bollywood concerts in the Kingdom in 2019, and entertainment agency BToS Productions, to manage the concerts for the Bollywood stars, as well as for other international musicians performing in Saudi Arabia later this year.