Saudi Aramco First Marine Station in the Kingdom Supplies Yachts and Boats with Fuel

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
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Saudi Aramco First Marine Station in the Kingdom Supplies Yachts and Boats with Fuel

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)

Saudi Aramco, one of the world's leading companies in the fields of energy and chemicals, announced on Saturday the opening of "Aramco Marina", its first marine station in the Kingdom to supply yachts and boats with fuel at the Jeddah Yacht Club on the Red Sea coast.

The station, which bears the new identity of the Saudi Aramco stations brand, is operated as part of the company’s efforts to contribute to developing the tourism sector in the Kingdom and the region. Its opening coincides with the Formula 1 Saudi Grand Prix that will take place in Jeddah on Saturday.

With a capacity of more than 65 million liters annually, the station provides diesel and gasoline to local and international customers.

Executive Vice President of the Business Sector for Products and Customers at Saudi Aramco Yasser Mufti said Saudi Aramco will continue to build various modern facilities to keep pace with the Kingdom’s efforts to establish comprehensive, advanced services by investing in the growth and contributing to the diversification of businesses and economy.

He added that the opening of the station represents a new chapter in the endeavor to expand the company’s presence in the Kingdom, raise the quality of life and enhance technological standards by establishing pioneering retail fuel stations that provide distinctive customer service, and help business, travel and tourism sectors in the Kingdom advance, creating an additional value for the economy.

The Jeddah Yacht Club is distinguished by its view of the waterfront next to the Corniche Formula 1 racing circuit. It boasts the first marina for yachts and boats on the Red Sea coast, and can accommodate huge and luxurious yachts of up to 120 meters in length. Next to the marina, there are international restaurants and cafés overlooking the sea.



Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
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Oil Prices Held Down by Trump Tariff Uncertainty

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

Oil prices were little changed on Thursday, maintaining almost all of the previous session's losses on uncertainty over how US President Donald Trump's proposed tariffs and energy policies would affect global economic growth and energy demand.

Brent crude futures were up 18 cents at $79.18 a barrel by 1315 GMT. US West Texas Intermediate crude (WTI) rose 14 cents to $75.58.

"Oil markets have given back some recent gains due to mixed drivers," said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

"Key factors include expectations of increased US production under President Trump's pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions."

The broader economic implications of US tariffs could further dampen global oil demand growth, she added, Reuters reported.

Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine.

He also vowed to hit the European Union with tariffs and impose 25% tariffs against Canada and Mexico. On China, Trump said his administration was discussing a 10% punitive duty because fentanyl is being sent from there to the United States.

On Monday he declared a national energy emergency intended to provide him with the authority to reduce environmental restrictions on energy infrastructure and projects and ease permitting for new transmission and pipeline infrastructure.

There will be "more potential downward choppy movement in the oil market in the near term due to the Trump administration's lack of clarity on trade tariffs policy and impending higher oil supplies from the US", OANDA senior market analyst Kelvin Wong said in an email.

On the US oil inventory front, crude stocks rose by 958,000 barrels in the week ended Jan. 17, according to sources citing American Petroleum Institute figures on Wednesday.

Gasoline inventories rose by 3.23 million barrels and distillate stocks climbed by 1.88 million barrels, they said.