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IMF Staff Completes 2018 Article IV Mission to Saudi Arabia

IMF Staff Completes 2018 Article IV Mission to Saudi Arabia

May 23, 2018 No Comments

An International Monetary Fund (IMF) team led by Tim Callen held discussions from May 2–14 for the 2018 Article IV Consultation with Saudi Arabia. At the conclusion of the mission, Mr. Callen made the following statement: “Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030. The government remains committed […]

Oil Prices Rise After EIA Reports a draw of 2.2 million barrels in U.S. crude oil inventories

Oil Prices Rise After EIA Reports a draw of 2.2 million barrels in U.S. crude oil inventories

May 10, 2018 No Comments

Amid rising oil prices following President Trump’s withdrawal from the Iran nuclear deal, the Energy Information Administration added to the bullish sentiment by reporting a draw of 2.2 million barrels in U.S. crude oil inventories. Analysts polled by IG had expected a moderate build of 160,000 barrels, while a Reuters poll suggested inventories would be […]

Did Trump Just Kill The OPEC Deal?

Did Trump Just Kill The OPEC Deal?

May 10, 2018 No Comments

Trump’s decision to kill the Iran deal could put an end to the OPEC agreement. As has been widely discussed in the aftermath of President Trump’s decision to withdraw from the Iran nuclear deal, the return of sanctions on Iran could disrupt oil shipments, with estimates ranging from essentially nothing to as much as 1 […]

SABIC and ExxonMobil Advance Announce New Joint Venture

SABIC and ExxonMobil Advance Announce New Joint Venture

May 3, 2018 No Comments

SABIC and ExxonMobil Announced that they have created a new joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8 million tonne ethane cracker currently planned for construction in San Patricio County, Texas. The facility will also include a monoethylene glycol unit and two polyethylene units. “We are very pleased to […]

KBR to Develop World’s Largest Fully Integrated Crude Oil to Chemicals Project in Saudi Arabia

KBR to Develop World’s Largest Fully Integrated Crude Oil to Chemicals Project in Saudi Arabia

May 1, 2018 No Comments

KBR, Inc. (NYSE: KBR) announced that it has been awarded a contract by Saudi Arabian Oil Company (Saudi Aramco) and SABIC as the second Project Management Contractor (PMC) to provide Pre-Front End Engineering Design (Pre-FEED), Front End Engineering Design (FEED) and Program Management Services to develop the world’s largest fully integrated Crude Oil to Chemicals […]

Saudi Aramco Appoints 5 New Board Of Directors

Saudi Aramco Appoints 5 New Board Of Directors

April 30, 2018 No Comments

H.E. Khalid A. Al Falih, Chairman of the Board of Directors of Saudi Aramco, has announced the appointment of five new members to the Saudi Aramco Board of Directors. The five new appointed members are: H.E. Mohammed A. Al-Jadaan, Minister of Finance. H.E. Mohammed M. Al-Tuwaijri, Minister of Economy and Planning. Mr. Peter L. Cella, […]

As Iran And Saudi Arabia Square Off, Is OPEC Deal In Jeopardy?

As Iran And Saudi Arabia Square Off, Is OPEC Deal In Jeopardy?

March 14, 2018 No Comments

Iran and Saudi Arabia are at odds over what to do next with the OPEC agreement, a conflict that could sow the seeds of the agreement’s demise over the course of the next year. As the WSJ notes, the dispute centers around exactly what price the cartel should be targeting. Iran’s oil minister has said […]

Wood wins new contract with Saudi Aramco and SABIC

Wood wins new contract with Saudi Aramco and SABIC

March 13, 2018 No Comments

Wood has been selected to develop the world’s largest fully integrated crude oil to chemicals (COTC) complex in the Kingdom of Saudi Arabia, on behalf of Saudi Aramco and SABIC as the first PMC contractor. The company will provide front end engineering design (pre-FEED and FEED) and project management services during the engineering, procurement and […]

SNC-Lavalin awarded a 5-year framework agreement in Saudi Arabia

SNC-Lavalin awarded a 5-year framework agreement in Saudi Arabia

March 7, 2018 No Comments

SNC-Lavalin’s (TSX: SNC) announced that its subsidiary in Saudi Arabia has been awarded a 5-year framework agreement to provide In-Kingdom General Engineering Services to Al Khafji Joint Operations (‘KJO’) (a joint operating company between Aramco Gulf Operations Company Limited and Kuwait Gulf Oil Company). KJO is responsible for oil and gas exploration, development and production […]

Middle East Gulf gasoline flows to West Africa

Middle East Gulf gasoline flows to West Africa

March 7, 2018 No Comments

At least two Mideast Gulf shipments of what are likely gasoline have arrived in Nigerian waters in March so far, according to Vortexa data. The medium range (MR) vessel Magnifica loaded from Saudi Arabia’s Yanbu port and the long-range (LR1) vessel BW Columbia loaded from Fujairah’s Vopak Horizon terminal in the UAE. Both arrived offshore […]

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