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Jeddah Islamic Port Listed on London Metal Exchange

File photo of Jeddah Islamic Port ( Mawani)
File photo of Jeddah Islamic Port ( Mawani)
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Jeddah Islamic Port Listed on London Metal Exchange

File photo of Jeddah Islamic Port ( Mawani)
File photo of Jeddah Islamic Port ( Mawani)

The Saudi Ports Authority (Mawani) has announced on Tuesday the listing of Jeddah Islamic Port on the London Metal Exchange (LME) through its strategic partner, LogiPoint, a subsidiary of the Cisco Group.

This significant development underscores the port's crucial role in supporting global trade.

The listing of Jeddah Islamic Port as a new delivery center for copper and zinc on the LME marks an important step towards positioning Saudi Arabia as a global logistics hub. This move will enhance the Kingdom's attractiveness as an investment destination for global stock exchanges and establish the port as a premier global platform for storing metals traded on the exchange, transforming it into a central distribution center.

This strategic initiative is expected to boost market liquidity and provide an additional delivery option for materials. It aims to improve supply chain efficiency by reducing transportation and storage costs for materials and supports the growth of the mining sector by offering a more convenient trading platform for mineral materials.

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BP Green Lights 6th Production Hub in Gulf of Mexico

The new hub features a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase. Reuters
The new hub features a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase. Reuters
TT
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BP Green Lights 6th Production Hub in Gulf of Mexico

The new hub features a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase. Reuters
The new hub features a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase. Reuters

BP said on Tuesday it has given the go-ahead for the sixth operated hub, Kaskida, in the US Gulf of Mexico, with oil production slated to start in 2029.
The new hub features a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase, BP said.
The London-listed company discovered the Kaskida field in 2006 and last year revived plans to develop it.
The company said it plans to leverage its existing platform and subsea equipment designs that can be replicated in future projects to drive cost efficiencies across Kaskida's construction, commissioning and operations.
BP's US Gulf of Mexico output averaged 300,000 barrels of oil and gas per day (bpd) in 2023 and last year the company said it was targeting 400,000 bpd by 2030, Reuters reported.
The British energy major is also considering a 2025 financial greenlight decision for its Tiber offshore oil project in the US Gulf of Mexico.
Kaskida, Tiber, and nearby discoveries combined have an estimated 10 billion barrels of discovered resources in place.
Separately, BP on Tuesday reported a second-quarter profit of $2.76 billion, beating expectations, and increased its dividend.