Saudi Minister: Sustainable Maritime Industry Conference Discusses Several Investment Opportunities

Saudi Minister of Transport and Logistics Services Eng. Saleh Al-Jasser addresses the opening of the Sustainable Maritime Industry Conference (SMIC). (Ministry of Transport and Logistics Services)
Saudi Minister of Transport and Logistics Services Eng. Saleh Al-Jasser addresses the opening of the Sustainable Maritime Industry Conference (SMIC). (Ministry of Transport and Logistics Services)
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Saudi Minister: Sustainable Maritime Industry Conference Discusses Several Investment Opportunities

Saudi Minister of Transport and Logistics Services Eng. Saleh Al-Jasser addresses the opening of the Sustainable Maritime Industry Conference (SMIC). (Ministry of Transport and Logistics Services)
Saudi Minister of Transport and Logistics Services Eng. Saleh Al-Jasser addresses the opening of the Sustainable Maritime Industry Conference (SMIC). (Ministry of Transport and Logistics Services)

Saudi Arabia’s Minister of Transport and Logistics Services Eng. Saleh bin Nasser Al-Jasser said the Sustainable Maritime Industry Conference brings together leaders of maritime industries, major companies and international organizations, to discuss investment opportunities in the sector.

In remarks to Asharq Al-Awsat, Al-Jasser noted that representatives of the National Industrial Development and Logistics Program (NIDLP) presented at the event an opportunity for partnership with the private sector in maritime industries and the transportation and logistics services industry.

The Sustainable Maritime Industry Conference (SMIC) kicked off in Jeddah on Monday in the presence of Secretary-General of the International Maritime Organization (IMO) Kitack Lim, a number of ministers of transport and infrastructure, senior officials and heads of leading companies from 170 countries.

According to Al-Jasser, the conference brings together maritime industry leaders, major companies and international organizations to discuss the means to develop maritime transport industries and environmental practices.

The minister noted that the first day of the conference witnessed the signing of four agreements, including two deals related to training and developing national competencies in the marine industry.

As part of its efforts to enhance common ground for understanding maritime law and developing a sustainable maritime industry, the Kingdom announced support for the IMO International Maritime Law Institute, to enhance maritime education and training.

The maritime industries are witnessing a huge shift towards innovation, driven by tremendous opportunities and increased efficiency, safety and sustainability. The global marine vessel market is projected to reach $188.57 billion by 2028, while more than 80 percent of internationally traded goods are shipped by the sea.

In his opening speech, Al-Jasser said the Kingdom made significant contributions within the Saudi Green Initiative to reduce land degradation on a global scale.

He also pointed to major Saudi achievements in the maritime industry sector and logistical operations, noting the Kingdom jumped 17 places in the Logistics Performance Index (LPI), and currently ranked 16th among the 100 largest ports in the world in terms of container handling.

The Sustainable Maritime Industry Conference saw the signing of a tripartite agreement that will facilitate the integration of autonomous ships into the country’s maritime system.

The agreement, signed by the Transport General Authority, ABS and Zamil Marine Company, aims to review the development of regulations, technical standards and practices for the construction, operation and maintenance of autonomous vessels.



Oil Little Changed after US Crude Inventory Build

An oil pump of IPC Petroleum France is seen during sunset outside Soudron, near Reims, France, February 6, 2023. REUTERS/Pascal Rossignol/File Photo
An oil pump of IPC Petroleum France is seen during sunset outside Soudron, near Reims, France, February 6, 2023. REUTERS/Pascal Rossignol/File Photo
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Oil Little Changed after US Crude Inventory Build

An oil pump of IPC Petroleum France is seen during sunset outside Soudron, near Reims, France, February 6, 2023. REUTERS/Pascal Rossignol/File Photo
An oil pump of IPC Petroleum France is seen during sunset outside Soudron, near Reims, France, February 6, 2023. REUTERS/Pascal Rossignol/File Photo

Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in US crude stockpiles pressured the market.

Brent futures were up 34 cents, or 0.5%, at $76.38 a barrel by 1407 GMT. US West Texas Intermediate crude rose 26 cents, or 0.4%, to $72.51.

US crude stocks rose by 3.34 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday.

Oil prices edged lower on Thursday because of the stock build in the US, said Saxo Bank analyst Ole Hansen.

"The market continues to lack a clear direction, with supply disruptions in Kazakhstan and the OPEC+ production increase delay being offset by global demand worries," Hansen said.

Official oil inventory data from the US Energy Information Administration (EIA) is due on Thursday.

Separately, Russia said Caspian Pipeline Consortium oil flows, a major route for crude exports from Kazakhstan, were reduced by 30%-40% on Tuesday after a Ukraine drone attack on a pumping station.

A 30% cut would equate to the loss of 380,000 barrels per day of market supply, Reuters calculations show.

However, other factors and potential boosts to oil supply added to concerns about prices.

Potential restarts of oil flows from Iraq's Kurdistan region were offsetting supply risks, analysts at ING said in a note.

Türkiye, which hosts the port of Ceyhan that loads the Iraqi oil from the Kurdistan region, did not receive confirmation from Iraq on the resumption as of Thursday, the country's energy minister told Reuters.

A resumption of the Iraqi oil flows would add 300,000 barrels of supply per day onto the market, ING analysts said.

Import tariffs announced by US President Donald Trump's administration could dent oil prices by raising the cost of consumer goods, analysts said, weakening the global economy and reducing fuel demand. Concerns about European and Chinese demand were also helping keep prices in check.

"It is natural to be concerned about the global economic outlook as Donald Trump takes a sledgehammer smashing away at the existing global 'free-trade structure' with signals of 25% tariffs on car imports to the US," said Bjarne Schieldrop, chief commodities analyst at SEB.