Al-Shahri named ECRA governor
RIYADH: Abdullah bin Muhammad Al-Shahri has been appointed governor of the Electricity and Cogeneration Regulatory Authority (ECRA). Custodian of the Two Holy Mosques King Abdullah made the appointment on Saturday by issuing a Royal Decree, the Saudi Press Agency said.
TASI surges 27.61 points
JEDDAH: Petrochemical stocks, including market heavyweight Saudi Basic Industries Corp. (SABIC), led the Saudi bourse to a higher close on Saturday. The Tadawul All-Share Index (TASI) ended up 0.44 percent or 27.61 points to 6,271.54. “A positive day, with the market starting the week with moderate gain and positive closes in 12 of the 15 sectors. Sector losses were in the Bank & Financial Services sector, down 0.25 points, the Telecom & IT, down 0.02 percent, and the Media & Publishing, which lost 1.32 percent. Sector gains ranged from 0.03 percent in the Industrial Investment to 1.32 percent in the Petrochemical Industries,” the Financial Transaction House (FTH) said in its market commentary on Saturday.
Oil field bid deadline extended
ALKHOBAR: A joint venture between Saudi Arabia and Kuwait has extended the bidding deadline for two projects at Al-Khafji oil field to Dec. 28, bidders said on Saturday. The original deadline for both contracts was Sept. 28, but has been extended several times at the request of bidders. The two projects cover expansion of offshore oil facilities and construction of water treatment facilities at the oil field.
Kayan in initial deal with Daelim
ALKHOBAR: Saudi Kayan Petrochemical Co. said on Saturday it signed a preliminary agreement with South Korea’s Daelim Industrial Co. to build a petrochemical plant.