عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Aramco Secures $3.3Bln Contracts to Build Gas Facility in Saudi Arabia

A view of an Aramco gas plant in the city of Julail, Saudi Arabia. (Aramco)
A view of an Aramco gas plant in the city of Julail, Saudi Arabia. (Aramco)
TT
TT

Aramco Secures $3.3Bln Contracts to Build Gas Facility in Saudi Arabia

A view of an Aramco gas plant in the city of Julail, Saudi Arabia. (Aramco)
A view of an Aramco gas plant in the city of Julail, Saudi Arabia. (Aramco)

Saudi Aramco has awarded contracts worth more than $3.3 billion to Chinese company Sinopec and Spain’s Tecnicas Reunidas to build a gas facility in Saudi Arabia.

According to a disclosure on the Spanish Stock Exchange, Sinopec will own 65 percent of the project, and Tecnicas Reunidas will have a 35 percent share.

The statement added that the contracts cover engineering, procurement, and construction, including building liquefied natural gas (LNG) distillation facilities in the Al-Riyas project. They also include the provision of storage and export facilities.

The new facilities that will be developed by the two companies will fractionate 510,000 barrels per day (MBD) of NGLs. The project's expected duration is about 46 months for Package 1 and about 41 months for Package 2.

This is the first project awarded to Tecnicas Reunidas by Saudi Aramco following the Strategic Alliance recently signed by the Spanish company with Sinopec Engineering Group to develop common projects.

The project's primary objective is to enable the fractionation of NGLs, thus producing ethane, propane, butane, and pentane.

In October, Aramco CEO Amin Nasser said the company is looking at more investments in LNG to boost its plans to become a leading player in the seaborne gas market.

In September 2023, Aramco signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. The company said the agreement with MidOcean Energy marks Aramco’s first international investment in LNG.

Most Viewed

 
 
Business

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
TT
TT

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.