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Saudi Arabia Increases Efficiency of Legal Environment for Business Sector by Applying Int’l Practices

Photo of the workshop recently held by the Saudi Bar Association and the Riyadh Region Bar Committee (Asharq Al-Awsat)
Photo of the workshop recently held by the Saudi Bar Association and the Riyadh Region Bar Committee (Asharq Al-Awsat)
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Saudi Arabia Increases Efficiency of Legal Environment for Business Sector by Applying Int’l Practices

Photo of the workshop recently held by the Saudi Bar Association and the Riyadh Region Bar Committee (Asharq Al-Awsat)
Photo of the workshop recently held by the Saudi Bar Association and the Riyadh Region Bar Committee (Asharq Al-Awsat)

Saudi Arabia is developing a diverse business environment by expanding the application of legal concepts in a way that aligns with the goals of Vision 2030.
The new laws adopted by the Kingdom kept pace with the requirements of global and local investors, by enhancing the speed, efficiency and transparency of the legal and economic system, based on the latest global practices in the business sector.
Exceptional standards
Legal Expert Mohammed Al-Aqeel, managing partner of the Mohamed Al-Aqeel & Partners Law Firm, stressed the importance for experts in the legal and economic fields to observe the rapid evolution taking place in Saudi Arabia to achieve Vision 2030, through exceptional standards and the successful integration of international companies in the local market.
“From this standpoint, it is important to shed light on the legislation that specifically affects the Saudi market and legal practices, which are common legal trends that cannot be neglected today even though their definition was different in the recent past,” he stated.
Global practices
The Saudi expert added that global practices were a common legal language that is founded on legal norms.
The managing partner of Mohammed Al-Aqeel & Partners Law Firm pointed out that the system of the Red Flag & Yellow Flag, is the model that is used in the Saudi market, even among local companies, because it achieves the standard of transparency and disclaimer of responsibility in deals and contracts.
Al-Aqeel was speaking during a lecture held by the Saudi Bar Association and the Riyadh Region Bar Committee entitled, “Due-Learning Examination in Mergers and Acquisitions Contracts,” which presented the concept of this type of application to a number of legal practitioners.
Al-Aqeel touched on the entry of international companies through their brands into the Saudi market, through a commercial franchise agreement for restaurants, or a licensing agreement for global electronic applications for delivery companies, based on the rights to use a registered intellectual property or registered trademark.
“The image has recently been seen changing in the local market with the possibility of using these agreements between Saudi companies to participate in expansion and the acceptance of the idea of joint contribution by multiple parties for one brand,” he said.

 

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Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
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Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)

The first Russian-built ice-class liquefied natural gas (LNG) carrier has entered sea trials, LSEG data showed on Friday, as part of Russia's efforts to raise global LNG market share despite US sanctions.

The tanker, named Alexey Kosygin after a Soviet statesman, was built at the Zvezda shipyard and is due to join the fleet of vessels for Russia's new Arctic LNG 2 plant, which has been delayed because of the US sanctions over the conflict in Ukraine.

The US Treasury has also placed sanctions on the new vessel, which Russia's leading tanker group Sovcomflot ordered to be built at Zvezda, Russia's most advanced shipbuilding yard. LSEG ship-tracking data shows it is anchored near the Pacific port of Vladivostok.

Sovcomflot has not replied to a request for comment.

Novatek, which owns 60% of Arctic LNG 2, has said 15 Arc7 ice-class tankers that are able to cut through two meter (6.5 ft) thick ice to transport LNG from Arctic projects, will be built at Zvezda shipyard.

According to a source familiar with the matter, Novatek shut down commercial operations at the first and only operational train of its Arctic LNG 2 project in October with no plans to restart it during winter.

Ice-class tankers usually have double hulls - strengthened structures to withstand the pressure of ice - and reinforced propellers.

So far, only three suitable gas tankers have been built for Arctic LNG 2, according to public information: the Alexey Kosygin, Pyotr Stolypin and Sergei Witte vessels.

Six more Arc7 tankers were due to be built by Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, including three for Sovcomflot and three for Japan's Mitsui O.S.K. Lines.

However, the three tankers ordered by Sovcomflot were cancelled due to the sanctions against Russia, Hanwha said last year in regulatory filings.