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Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
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Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has unveiled the first-ever natural gas storage project in Al-Hawiyah, Unaizah.

With a storage capacity of 2 billion cubic feet, this project is a flagship initiative under the National Industrial Development and Logistics Program (NIDLP), a cornerstone of Saudi Vision 2030.

Key to this vision is Saudi Arabia’s strategic intent to leverage its geographical advantage and natural resources to foster an economy open to foreign investment and ripe for competitive growth.

Alkhorayef - who is also the chairman of NIDLP - noted during the annual celebration of the program in the attendance of several ministers and officials that NIDLP has witnessed the signing of five new renewable energy projects of production capacity up to 6 gigawatts.

He indicated that these projects would produce energy at competitive prices.

The mining sector has witnessed a record revenue surge of more than SAR 1.5 billion ($400 million), under the program’s influence, the minister reiterated.

He further noted that the Kingdom has won the award of the best state in enhancing the legislative and investment environment in mining.

The Saudi minister continued that the program has attained many achievements, the most important of which is the launch of four new economic zones by Prince Mohammad bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

Also speaking at the same event, Saudi Minister of Transport and Logistics Sector Saleh Al-Jasser said: “In cooperation with NIDLP, we are continuing to achieve the national transport strategy.”

CEO of NIDLP Suliman Al-Mazroua shed light on the program’s executive performance during 2023.

“The program’s executive performance increased to 87 percent and by more than 17 degrees since the beginning of the year,” Al-Mazroua disclosed.

As for job creation in 2023, he projected it would be the highest, standing at more than 200,000 jobs.

Economic indicators of the NIDLP reveal a contribution of 35% to the non-oil GDP, with non-governmental investments surpassing SAR 97 billion ($25.8 billion).

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Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.