SR 2.8 bn transport projects under way

Updated 27 May 2012

SR 2.8 bn transport projects under way

There are several transport projects, costing a total of SR2.8 billion, under various phases of implementation in Madinah and Najran provinces.
Zuhair Kateb, director general of the department of roads and transportation in Madinah, said that his department had implemented a number of projects while several other projects were under implementation. These projects are estimated to cost a total of about SR1 billion. The projects cover roads, bridges, flyovers, intersections and lighting, the Saudi Press Agency reported.
He said budgetary allocations were made for a number of projects during the current year. Contracts were awarded to many Saudi companies and establishments to implement these projects, such as intersections on Yanbu–Madinah–Qassim expressway, doubling of Khaibar–Al-Hayet road, and completion of doubling of Madinah–Tabuk road.
Meanwhile, Nasser Bajash, director general of the department of roads and transportation in Najran, said that the department was implementing several road projects costing a total of SR1.8 billion. These included construction of single roads and doubling of roads with a total length of 3,537 km. He thanked Najran Gov. Prince Mishaal bin Abdullah for his keenness in developing and expanding the road network in the province.
The road projects, which are under implementation, included intersections at King Abdullah road and Al-Hussein road, Al-Areesa road and Al-Sharfa road, agricultural roads, completion of doubling of Al-Hozam south road and King Abdullah road, and implementation of doubling of Najran–Sharoura–Wadeea–Al-Khodra road, Bajash added.


Saudi Arabia delays May crude prices until after OPEC+ meeting

Updated 05 April 2020

Saudi Arabia delays May crude prices until after OPEC+ meeting

  • OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut

DUBAI: Saudi Aramco will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on Sunday.
"It is an unprecedented measure that has not been taken by Aramco before. May OSPs will depend on how the OPEC+ meeting concludes. We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs," the Saudi source said.
Saudi Aramco typically issues its OSPs by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia.
OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted US President Donald Trump to intervene.
The Saudi source said that Riyadh wants to avoid a repeat of the outcome of a March meeting where oil talks collapsed between OPEC and allies "due to Russia's lack of cooperation with the rest of OPEC+ participants".
Coordinated cuts between OPEC members and others led by Russia expired on March 31 having helped support crude prices since they began in January 2017.
The OPEC+ meeting was initially due for Monday, but was postponed to April 9 "to allow for more time to reach out to all producers including OPEC+ and others," the Saudi source said.