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

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.


Saudi Arabia among top 10 in UN’s e-commerce index

Updated 09 December 2019

Saudi Arabia among top 10 in UN’s e-commerce index

  • The index ranked the Kingdom 49th in the global ranking

RIYADH: The UN e-commerce index ranked Saudi Arabia among the top 10 countries in the e-commerce sector. 

The index, issued by the UN Conference on Trade and Development, ranked the Kingdom 49th in the global ranking, rising three places in the general index.

The report indicated that the improvement achieved by the Kingdom came from two criteria: The proportion of Internet use — which has risen to 93 percent — and the rising postal reliability standard.

Saudi Minister of Communications and Information Technology Abdullah bin Amer Al-Sawaha said that this achievement came as a result of unlimited support from the leadership.

He added that the ministry works with partners to develop the Kingdom’s digital capabilities to invest in the growth of future projects in order to achieve the Kingdom’s Vision 2030 reform plans.