Saudi oil refinery output up 16.6% year-on-year in March, exports down 12.2% 

The output volume surged to 2.83 million barrels per day in March 2022 from 2.43 million bpd in the same month a year earlier, an increase of 403,000 barrels per day. Total output by refineries also grew 2.8 percent from the previous month. 
The output volume surged to 2.83 million barrels per day in March 2022 from 2.43 million bpd in the same month a year earlier, an increase of 403,000 barrels per day. Total output by refineries also grew 2.8 percent from the previous month. 
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Updated 25 May 2022

Saudi oil refinery output up 16.6% year-on-year in March, exports down 12.2% 

Saudi oil refinery output up 16.6% year-on-year in March, exports down 12.2% 

CAIRO: Saudi Arabia’s oil refineries witnessed a 16.6 percent annual increase in output in March 2022, according to data from the Joint Organisations Data Initiative, also known as JODI.

The output volume surged to 2.83 million barrels per day in March 2022 from 2.43 million bpd in the same month a year earlier, an increase of 403,000 barrels per day. Total output by refineries also grew 2.8 percent from the previous month. 

Gas (diesel oil) production also increased by 13.9 percent as compared to March 2021. However, the output grew 5.7 percent month-on-month as opposed to declines of 0.6 percent in February and 7 percent in January 2022.

Gas — or diesel oil — constituted 42.2 percent of the total refinery output in March 2022, whereas motor and aviation gasoline, which showed the highest year-on-year increase in share contribution of 2.5 percentage points, constituted 23.2 percent of the total output in the same period.

The third largest contributor in refinery output — fuel oil —  plunged by 4.6 percent as compared to February 2022. But this is not the first time the production of fuel oil has dropped. Last year, between August and September, fuel oil saw an 18 percent growth, only to drastically decline by 7.9 percent in the month after.

The share of kerosene in the total refinery output grew 0.3 percentage points from 5.6 percent in March 2021. Likewise, liquified petroleum gas also experienced small growth of 0.6 percentage points year-on-year, while naphtha’s share dropped by 3.7 percentage points.

The three smallest components of refinery output — kerosene, naphtha, and liquid petroleum gas — made up 12.2 percent of the total at 5.9 percent, 4.3 percent, and 2 percent, respectively.

The rest of the oil products constituted 4.8 percent of the total refinery output, and the share little changed year-on-year.

HIGHLIGHTS

Gas (diesel oil) production also increased by 13.9 percent as compared to March 2021.

The third largest contributor in refinery output — fuel oil —  plunged by 4.6 percent as compared to February 2022.

The three smallest components of refinery output — kerosene, naphtha, and liquid petroleum gas — made up 12.2 percent of the total at 5.9 percent, 4.3 percent, and 2 percent, respectively.

The rest of the oil products constituted 4.8 percent of the total refinery output, and the share little changed year-on-year.

Product exports

As for the Kingdom’s product exports, JODI data revealed an overall increase of 34.2 percent year-on-year in March 2022, from 1.11 million bpd to 1.5 million bpd. Meanwhile, it didn’t perform as proficiently in terms of month-on-month growth, where it experienced a 12.2 percent reduction from 1.7 million bpd in February 2022.

While the share of motor and aviation gasoline in total product exports showed another influential increase of 9.2 percent annual growth to 19.4 percent in March 2022, the month-on-month growth has slowed from 52 percent in February 2022 to 9.9 percent in March 2022.

According to data compiled by Arab News, motor and aviation gasoline exports have faced volatilities as another sharp month-on-month decline of 16.4 percent occurred in January 2022.

Gas (diesel) oil, being the No.1 exported oil product, endured a decline of 10 percentage points in its share contribution to total product exports over the past year, decreasing from 55 percent to 44 percent in March 2022.

Observers may recall that gas oil exports plunged by 24 percent in September 2021. However, the exports recorded 13 percent growth in the following two months.

The volumes shipped abroad plunged again by 19.7 percent in January 2022 only to rise slightly to 3 percent in February. Finally, in March 2022, we witnessed another 3.4 percent decline on a month-on-month basis. 

As for fuel oil, its share in total exports amounted to 16 percent in March 2022, making it the third largest exported product. In addition to that, its share in total exports increased by 5.4 percentage points from March 2021. Yet, in terms of month-on-month growth, it performed poorly, having decreased by 25.6 percent in March 2022. This is in contrast with the previous month when it showed a positive growth of almost 30 percent, following the 38 percent increase in January 2022. The fall in March has been the highest monthly drop since a decline of 32 percent in August 2021.


MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 
Updated 21 sec ago

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

RIYADH: Bahrain Real Estate Investments, known as Edamah has begun its hunt for bids for the 20,717 square meter plot investment project at Hidd within Muharraq governorate in Bahrain.

The development is located alongside Diyar Al Muharraq and Dilmunia waterfronts, near the Khalifa town housing project.

The leading property developer has held Bahrain’s sovereign wealth fund since its establishment in 2006, reported Trade Arabia.

It is also on the search for bids on a similar investment project development — which includes six more plots with a total area of 5,618 square meter at Askar within Southern governorate.

KAPP starts bids on water and power generation

Kuwait Authority for Partnership Projects, known as KAPP, has requested bids to develop Al-Zour North 2 and 3 and Al-Khiran 1 as part of the independent water and power producer projects.

The two plots are expected to generate a net capacity of 4,500 MW of power and 290 million imperial gallons a day of water, reported MEED.

This decision comes amid increased power demand in Kuwait — soaring to a record high of 15.67 Gigawatt last July.

The deadline for submitting project bids is on Aug. 16.


Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October
Updated 25 min 40 sec ago

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

RIYADH: Saudi Arabia’s budget airline Flynas announced the launch of its first direct flights between its heritage city AlUla and Cairo, starting from 6th October, according to the Saudi Press Agency. 

The airline will operate two direct flights per week, on Saturdays and Thursdays, between AlUla International Airport to Cairo International Airport.

Located in the north-west of Saudi Arabia, AlUla is one of the key tourist destinations that offers a variety of experiences in heritage, art, culture, recreation and adventure.


Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list
Updated 42 min 25 sec ago

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

RIYADH: Saudi Aramco has been named one of the top 100 global innovators by American analytics company Clarivate. 

In its report titled “Top 100 Global Innovators 2022,” Clarivate revealed that Saudi Aramco is the first-ever company from the Middle East and North Africa region to be placed in the list. 

“The regional diversity continues to increase, with the first-ever Middle Eastern list entry via energy firm Saudi Aramco,” wrote Clarivate in the report. 

Apart from Saudi Aramco, other new entrants to the list are China’s Alibaba, Germany’s Continental, US’ General Motors, South Korea’s Hyundai Motors and Kia Motors, US’s Philip Morris International, and UK’s Rolls-Royce. 

Clarivate added that companies have been included in the list based on factors like influence, success, globalization, and technical distinctiveness. 


TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell
Updated 47 min 6 sec ago

TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell

RIYADH: Saudi stock markets extended losses as investors worried that the latest central bank efforts to curb inflation would lead to rapid economic slowdowns.

The main index, TASI, fell 0.93 percent to reach 11,358, while the parallel market, Nomu, dropped 1.94 percent at 20,672.

Fawaz Abdulaziz Alhokair Co. led the decliners since the market opened with a 9.99 percent fall, followed by Abdulmohsen Alhokair Group for Tourism and Development which fell 9.92 percent.

Saudi Aramco, the largest player on the Saudi oil market, lost 1.29 percent, while Methanol Chemicals Co. fell 2.57 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi, dropped 0.50 percent, while The Saudi National Bank slipped 1.05 percent.

Among the biggest IT companies, Elm Co. gained 0.56 percent and Al Moammar Information Systems Co. edged down 2.08 percent.

Jadwa REIT Saudi Fund led the gainers with 4.75 percent gain, closely followed by Dar Alarkan Real Estate Development Co. with a 4.56 percent rise.

In the energy sector, West Texas Intermediate crude was trading at $109.69 per barrel and Brent crude was trading at $113.12 per barrel as of 3:24 p.m. Saudi time.


Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince
Updated 04 July 2022

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

RIYADH: Crown Prince Mohammed bin Salman has urged government agencies to think about Saudi Arabia’s neediest citizens in the wake of the increasing cost of some basic needs.

Chairing a meeting of the Council of Economic and Development Affairs, the Crown Prince stressed the important roles of ministries and government agencies in monitoring international developments, the Saudi Press Agency reported.

This includes food supply chains, monitoring markets, product availability and price levels, and protecting and encouraging fair competition, as well as combating and preventing monopolistic practices that affect legitimate competition or the interest of the consumer.

During the meeting held in Jeddah, the Council reviewed a number of economic and development issues, including a presentation on the price levels of a number of products in the Kingdom's markets, submitted by the Ministry of Commerce with participation of the Ministry of Environment, Water and Agriculture, and the Ministry of Economy and Planning.

The Council was also briefed on health developments related to the COVID-19 by the Ministry of Health.

The presentation included an update following the decision to lift the precautionary and preventive measures related to the pandemic, in addition to updates on administering vaccines, the most prominent preparations for this year’s Hajj season, and the state of the epidemiological situation internationally.

The Council also followed up on the periodic presentation submitted by the Ministry of Economy and Planning regarding the analysis of opening economic activities and the impact of the pandemic.

The Council has taken the necessary recommendations on these issues, SPA said.