The Dubai-based Saudi Ports Authority (MAWANI) and port operator DP World launched the first direct shipping line connecting UAE’s Jebel Ali Port in Dubai with Egypt’s Sokhna Port through Jeddah Islamic Port.
LogiPoint recently established a bonded trade corridor among the Jeddah Islamic Port and the King Abdulaziz International Airport in order to boost the transshipment of multimodal cargo.
Saudi Global Ports (SGP), one of PSA International’s subsidiaries and Saudi Ports Authority (Mawani) came in an agreement in order to construct two container terminals at the King Abdulaziz Port in Dammam.
Rystad Energy estimated that the extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), while OPEC+ countries are able to add next month 2 million bpd, according to their storage, spare capacity and ramp up capabilities.
In line with measures taken by several other states in response to COVID-19 pandemic, Saudi Arabia has temporarily suspended sea trips for passengers between Saudi Arabia and 50 countries, including 27 EU states.
Saudi Arabia increases efforts to send Russia’s Urals oil grade out of its markets as it offers its own cheap barrels, as the two countries’ deal to support global oil prices fell apart.
In light of the coronavirus situation, the oil major company, Saudi Aramco reported to Reuters that the virus impacts upon oil demand will be short-lived, while the consumption is expected to increase in the second half of the year.
The Red Sea Gateway Terminal (RSGT) recently accepted the first shipment of advanced terminal equipment, including terminal trucks and trailers. Specifically, the new equipment will give a boost to the port and quay operations located at the Northern Part of Jeddah Islamic Port (JIP).
Korean Hyundai Heavy Industries (HHI) Group officially informed that successfully completed the sale of a 17% stake in oil refiner Hyundai Oilbank to Saudi Aramco. Specifically, Saudi Aramco purchased about $1.2 billion to buy the oil refiner, as the deal was first unveiled several months ago before the final decision.
Houthi rebel forces released two Korean vessels and one Saudi tug that they had captured near Hodeidah earlier this week, after South Korea deployed a destroyer and called for American assistance. Earlier this week, a spokesman for the Saudi-led coalition backing the Yemeni government reported that Houthi rebels boarded a tug off the coast of Hodeidah and sources said that the tug has been brought to the Houthi-controlled seaport of Salif, just north of Hodeidah.
