عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Ministry of Industry and Mineral Resources to Participate in LEAP 2024

Saudi Ministry of Industry and Mineral Resources to Participate in LEAP 2024
TT
TT

Saudi Ministry of Industry and Mineral Resources to Participate in LEAP 2024

Saudi Ministry of Industry and Mineral Resources to Participate in LEAP 2024

The Saudi Ministry of Industry and Mineral Resources will participate with a pavilion in the third edition of LEAP 2024 to highlight the industrial and mining transformation in the Kingdom and promote investment opportunities in the two sectors.

 

The event will be held in Riyadh from March 4 to 7.

 

Several other government entities will be present at the ministry's pavilion.

 

The ministry aims to engage with global investors and showcase the services, incentives, and opportunities it offers, as well as to highlight the objectives of the National Industrial Strategy and its contribution to diversifying national economic revenues.

Most Viewed

 
 
Business

US Buys Nearly 2.5 million Barrels of Oil for Strategic Petroleum Reserve

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights
TT
TT

US Buys Nearly 2.5 million Barrels of Oil for Strategic Petroleum Reserve

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights

The US has bought nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday.

About 800,000 barrels per month of the domestically produced sour, or relatively high in sulfur, oil will be delivered to the reserve's Bryan Mound, Texas site from January to March next year, it said, Reuters reported.

The contract for the purchase of more than $180.3 million worth of oil was awarded to Macquarie Commodities Trading US LLC, it said.

The department said on Aug. 12

it had planned to buy up to 6 million barrels, at a rate of 2 million per month from January to March. It did not immediately respond to a query on whether the remaining 3.5 million barrels could be bought for the Bryan Mound site for delivery in that time period.

The administration of President Joe Biden is slowly replenishing the reserve after it sold 180 million barrels from the facility in 2022 to control gasoline prices after Russia's invasion of Ukraine.

So far the administration has bought back more than 47 million barrels, the Energy Department said, at an average price of $76.89 a barrel, about $18 lower than the average price of $95 per barrel it sold the oil in 2022.