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Saudi Arabia Economical and other News
I am glad to put some news about Gulf countries specially Kingdom of Saudi Arabia
Kingdom Holding keeps Tadawul bourse rising The Saudi Stock Exchange closed 0.48% higher at 6,616.41 points as multi-investments pushed the market up. Shares of Kingdom Holding Co., owned by renowned investor HH Prince Al-Waleed Bin Talal, surged 9.38% to reach SR10.50. Al Hassan Ghazi Ibrahim Shaker, a Riyadh-based manufacturer of air conditioners, jumped seven percent, finishing at SR61.00. Earlier in the day, the company announced the signing of a Memorandum of Understanding with South Korea's LG Electronics. "The purpose of this MOU is to summarize the current business understanding of the parties about consideration and discussion for cooperation between LGE and Al Hassan Ghazi Shaker Company about marketing and sales of LG Solar and Lighting LED / PLS products", the statement to the Tadawul bourse says. |
Saudi Arabia seeks to calm market with words not oil
Top exporter Saudi Arabia on Tuesday stopped short of pouring more oil on to markets that have vaulted above $100 as unrest swept the Middle East, telling visiting consumer nations prices were driven by fear. A wave of revolution that has toppled two presidents and left Libyan leader Muammar Gaddafi clinging to power propelled oil to a 2-1/2 year high this week above $108 a barrel. The scale of unrest in OPEC member Libya has provided the biggest jolt yet to oil markets in two months of Middle Eastern and North African turmoil and it dominated a day of producer-consumer talks hosted by Saudi Arabia in Riyadh. Saudi Arabian Oil Minister Ali al Naimi said the Organization of the Petroleum Exporting Countries led by Saudi Arabia was always ready to pump more oil - but only when needed. "What I would like you to convey to the market: right now there is absolutely no shortage of supply," Naimi told a news conference. |
Obeikan start up glass furnace
Obeikan Glass, a subsidiary of Saudi Advanced Industries Co (SAIC), has said it has started the operation of its glass furnace at Yanbu el Bahr industrial and port city on the Red Sea coast in Medina Province. After the furnace reaches maximum heat within 4 to 5 weeks, the plant will produce 800 tonnes per day of clear and tinted glass feature, making it the largest in the region, Obeikan said. Source: Ame Info |
Britain's BAE targets Saudi for lucrative land, sea deals
BAE Systems is seeking to expand sales in the lucrative Saudi defence market by targeting land and sea contracts, as well as increased orders for its landmark Typhoon aircraft. "The Saudis have always had an option to increase the number of Typhoons, so that's obviously the main one," Simon Keith, BAE Systems' Middle East, Africa and Asia Pacific managing director, told Arabian Business in an interview during a defence event in Abu Dhabi. "We also believe that there are other opportunities in both of the other services, so inland and at sea. "With regard to sea, that has not been our natural area and tends to be as part of a relationship with the French and to an extent with the Americans, but we feel that they have got things they would be interested in, and certainly on land systems as well," he said. In its annual results posted last week, the UK-based defence giant earmarked Saudi Arabia and Australia as key markets for growth, especially given the budget cuts currently under way in more traditional markets such as the UK and US. Keith said that possible naval sales could include radar, fire control systems or communications systems, and also singled out cybersecurity solutions as a "huge growth area" for Gulf customers. In the last six weeks, BAE Systems has acquired three firms that provide cybersecurity solutions to add to its worldwide portfolio. Keith also said that Saudi Arabia had not yet confirmed whether final assembly of the last tranche of Typhoon aircraft would take place within the kingdom. "We know that they are debating whether they would like us to build a few more, and then take it on, or whatever," he added. "But it's their debate, and we just stand ready to do what they want - we don't mind." Saudi Arabia signed a deal to purchase 72 Typhoons in September 2007. Source: Arabian Business |
Jacobs wins Saudi Arabia contract
The Saudi Industrial Investment Group (SIIG) and Arabian Chevron Phillips Petrochemical (ACP) have awarded US-based Jacobs Engineering Group a contract to provide engineering, procurement and construction management services for a polyamide 6,6 manufacturing plant and a number of polymer conversion projects. The projects will be located in the Eastern Province industrial city of Al-Jubail. Source: Ame Info |
Zain Saudi unit has fresh bids for take over
Alternative options have emerged for the sale of Kuwaiti telecoms carrier Zain's Saudi unit, a local newspaper said on Tuesday citing sources which it did not identify. A proposed $12bn takeover of Zain by Etisalat depends on the sale of the assets in Zain Saudi, valued at $750m, due to regulatory requirements. Availability of having options allowed Etisalat to focus on completing their due diligence for the stake buy before the end February deadline, the paper said without naming new bidders. Etisalat said on Sunday that the due diligence process is undergoing and is expected to be completed by end of February. Zain rejected all three offers for its Saudi assets on Saturday. Saudi billionaire Prince Alwaleed Bin Talal's Kingdom Holding, Bahrain Telecommunications and an investment consortium led by Al Riyadh Group had bid for the stake. "The confusion that appeared the past couple of days was partly due to the inability to determine the time table for the deal, as Etisalat was expecting (hoping) to get over the Saudi assets obstacle prior to completing the due diligence," the sources told the newspaper. Source: Reuters |
Saudi Arabia raised oil output above 9bmpd
Saudi Arabia has increased its oil production to more than 9 million bpd to compensate for disruption to Libyan output, an industry source familiar with the kingdom's production told Reuters on Friday. "We have started producing over 9 million barrels per day. We have a lot of production capacity," the source said. Riyadh does not publish production figures. Reuters estimated it pumped 8.3 million bpd in January which would mean the increase amounts to 700,000 bpd or 8 percent. But one leading oil consultant who asked not to be named said Saudi output was already at 8.9 million bpd in January because it has been using increased amounts for domestic consumption in recent months. The Saudi move comes after Riyadh made assurances earlier in the week that it was prepared to act to prevent shortages as a result of a rebellion in Libya against leader Muammar Gaddafi that has sharply reduced the fellow OPEC producer's 1.3 million bpd of exports. OPEC has resisted calls for a formal increase in output and says it does not plan to meet until June. Oil prices spiked close to $120 a barrel on Wednesday and traded at $112.50 on Thursday from $91.55 at the start of the year. A report out of Washington by industry publication Energy Intelligence late on Thursday said Saudi Arabia had made the change quietly to bypass OPEC politics. "The Saudi move has not been announced publicly, most likely because of the political sensitivities in the region and the internal dynamics of OPEC," Energy Intelligence wrote. Saudi, which has around 4 million bpd of spare capacity, has publicly stated it will provide customers with all the oil they need to compensate for supply disruption from Libya. The International Energy Agency, which represents consumer countries, has said between 500,000 bpd and 750,000 bpd of Libyan crude, less than 1 percent of global daily consumption, had been removed "at present" from the market. Even before the latest price surge, oil prices had been climbing steadily, prompting members of OPEC to lift output. Source: Reuters |
Saudi Arabia tenders for 275,000 T wheat
Saudi Arabia's state grains buyer is tendering to purchase 275,000 tonnes of milling wheat in five cargo arrivals between May 10th and June 30th, Middle Eastern and European traders said on Wednesday. Traders said the Saudi Kingdom was seeking to capitalise on a bearish market after European wheat futures fell as much as 7 percent before rebounding on Wednesday. A global grain market sell-off this week has pushed Egypt to buy 235,000 tonnes of US and French soft wheat on Wednesday, and also prompted Tunisia to come to the market for 75,000 tonnes of milling wheat. News that Arab grain importers were back in the market encouraged investors to buy back, and Euronext May wheat contract was up 2 percent to 248 euros a tonne by 1426 GMT. Saudi Arabia's Grain Silos and Flour Mills Organisation (GSFMO) is looking for wheat with a 12.5 percent protein content, in a new sign that higher-quality wheat is becoming harder and pricier to find in global markets. By cutting quality requirements, Saudi Arabia, which has mixed 14 percent and 12.5 percent protein content in its last purchases, is trying to attract more offers, in particular from the US, traders said. Close of bids set in the tender is Friday Feb 25. Saudi Arabia had been widely expected to tender in recent weeks and traders said the tender documents specified some 165,000 tonnes for arrivals requested in Jeddah between May 10-June 30, and 110,000 tonnes to Dammam between May 15-June 20. Saudi officials said earlier this month they planned to import around 2 million tonnes of wheat in 2011 like last year and will boost imports in coming years as it ends local production. Saudi Arabia wants to build up reserves of basic commodities such as wheat, rice, oils and sugar to counter a global spike in food prices. The arid desert kingdom hopes to double its wheat reserves to a year's worth within three years. Source: Reuters |
Oil may hit 200 dollars if unrest spreads to Saudi Soc - Gen
Brent crude futures could hit $200 a barrel if political unrest spreads into Saudi Arabia, Societe Generale said on Monday. North Sea Brent crude futures were trading about 60 cents higher at around $117 a barrel by 6pm Dubai time. US crude was around $105.70. Brent crude has been hovering just below the $119 level hit late in February, its highest price since the third quarter of 2008, as the unrest in Libya has cost the country a loss of about 1 million barrels of crude production per day out of its normal 1.6 million bpd output. Societe Generale listed some scenarios that could have an impact on oil prices, with its most extreme scenario showing Brent prices sharply high. "Geopolitical Scenario 3: Unrest spreads to Saudi Arabia and threatens Saudi crude exports and any remaining spare capacity. Brent price range of $150-$200 a barrel," it said in its research note. "In this most extreme, worst-case scenario for the oil markets, serious unrest spreads to Saudi Arabia. In this case, it does not really matter if Libya or any other producers are shut down or not. Saudi Arabia is OPEC's biggest producer and the world's biggest current holder of spare capacity," the bank added. Saudi Arabia is the world's top exporter of crude oil, meeting about 10 percent of the global oil demand. The kingdom has escaped major protests like those that toppled leaders in Egypt and Tunisia, but the wave of unrest has reached its neighbours Yemen, Bahrain, Jordan and Oman. Saudi Arabia's council of senior clerics issued a statement on Sunday forbidding public protests, which the rulers of the US ally and key oil exporter fear could spread following demonstrations by minority Shi'ites. Source: Reuters |
Sabic may shift to propane, naptha
Mutlaq Al Morished, vice president for corporate finance at Saudi Basic Industries Corp (Sabic), has said the company is changing feedstock to propane and naphtha to make up for a reduced supply of natural gas in the kingdom, Saudi Gazette has reported. Sabic plans to boost its consumption of propane and naphtha to fulfil its expansion plans, he said, without providing more details on the expansion. Source: Saudi Gazette |
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