The Russian Ministry of Transport signed a Memorandum of Understanding (MoU) with A.P. Moller – Maersk, launching TradeLens in Russia. The blockchain platform is expected to significantly facilitate international trade, not least by the inclusion of the Port of St. Petersburg, Russia’s main container gateway, as part of the pilot launch.
Standard Club released a statement according to which direct trade between Qatar and seven states, also known as ‘restricted states’, Bahrain, Saudi Arabia, the United Arab Emirates, Egypt, Yemen, Libya and the Maldives remains restricted or prohibited.
Chinese President Xi Jinping met with Saudi Arabia’s crown prince, Mohammed bin Salman Al Saud, Friday, in Beijing, to discuss a new horizon for bilateral friendship and strategic relationship. The Chinese president also called on the two sides to reinforce synergy of development strategies and cement the integration of each other’s interests.
According to National Advisor Bureau Limited (NABL) the project is an underwater train tunnel, that is planned to connect the UAE and the other GCC countries for the first time in India. The project will consist of a subsea Tunnel and an Ultra Speed subsea railway line.
The annual throughput of Saudi Arabia’s King Abdullah Port increased to 2,301,595 TEUs by the end of 2018, an increase of more than 36% compared to 2017, maintaining its position as the second largest port in the Kingdom in terms of container handling.
Prince Mohammed bin Salman bin Abdulaziz of Saudi Arabia inaugurated the King Abdullah Port during his visit to King Abdullah Economic City, on February 11. The King Abdullah Port is the kingdom and region’s first port developed, managed and operated by the private sector. King Abdullah Port was established on the basis of an ambitious vision that the Kingdom of Saudi Arabia needs to accommodate modern vessels.
Saudi Arabia’s tanker owner Bahri has dismissed reports that one of its very large crude carriers (VLCCs) was breaching U.S. sanctions on Venezuela. The company reports that the cargo, they’re accused of, was contracted on January 9, 2019, well before the U.S. sanctions were imposed against Venezuela on January 28, 2019. The company’s 303,000 dwt oil tanker Abqaiq is on its way from the Red Sea to pick up a cargo from the Port of Jose Terminal in Venezuela for one of its Indian customers.
Saudi Arabia is trying to improve the investment environment, under the National Transformation Plan and Vision 2030. For this reason, the Saudi Arabian General Investment Authority has been working on developing the foreign investment regime to facilitate some of the restrictions applied on foreign investments in the country.
Saudi Industrial Services Co. announced the signing of an MoU between its subsidiary Red Sea Gateway Terminal Co. and Saudi Ports Authority, to develop the northern part of Jeddah Islamic Port. RSGT will consolidate the container facilities in northern part of Jeddah port and execute a development plan upgrading and adding berth capacity.
Saudi Aramco aims to invest up to $1.6 billion for about for up to 19.9% of Hyundai Oilbank from Hyundai Heavy Industries Holdings, which owns 91.13% of Hyundai Oilbank. The latter has 650,000 barrels per day of refining capacity in the southwestern city of Daesan and plans to expand its petrochemical business. Saudi Aramco will probably value Hyundai Oilbank at 10 trillion won, or 36,000 won per share.
