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Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port

Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port
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Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port

Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port

The Saudi Ports Authority (Mawani) announced on Monday the addition of Emirates Shipping Line's (ESL) new service, ECRC, to Jeddah Islamic Port.

The expansion strengthens the Kingdom's maritime connectivity with the world and underscores the port's competitive advantage and operational efficiency.

The new service aligns with Mawani's strategy to boost Saudi Arabia's global market integration. The initiative will contribute to the National Transport and Logistics Services Strategy, positioning the Kingdom as a global logistics hub and a bridge between three continents.

The ECRC shipping service will connect Jeddah Islamic Port with Ningbo, Xiamen, and Nansha in China; Klang in Malaysia; Aqaba in Jordan; and Sokhna in Egypt through regular bi-monthly trips.

Jeddah Islamic Port's recent listing on the London Metal Exchange (LME) further solidifies its global logistics position. The listing bolsters the Kingdom's attractiveness as an investment destination and positions the port as a global metals distribution center.

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Qatar Strikes Another 15-Year LNG Supply Deal with Kuwait 

This picture taken from Doha's seaside promenade shows traditional Qatari Dhow boats with the Qatari capital's skyline seen in the background on August 16, 2024. (AFP)
This picture taken from Doha's seaside promenade shows traditional Qatari Dhow boats with the Qatari capital's skyline seen in the background on August 16, 2024. (AFP)
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Qatar Strikes Another 15-Year LNG Supply Deal with Kuwait 

This picture taken from Doha's seaside promenade shows traditional Qatari Dhow boats with the Qatari capital's skyline seen in the background on August 16, 2024. (AFP)
This picture taken from Doha's seaside promenade shows traditional Qatari Dhow boats with the Qatari capital's skyline seen in the background on August 16, 2024. (AFP)

Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for 15 years, the second such deal since 2020 as Kuwait imports the fuel to help meet rising demand for power generation.

The chief executives of state-owned QatarEnergy and Kuwait Petroleum Corporation (KPC) signed the long-term sales and purchase agreement for LNG in Kuwait. Deliveries will start in January 2025, KPC CEO Sheikh Nawaf al-Sabah said.

Kuwait, an OPEC member and a major oil producer, has been boosting its reliance on imported gas to meet power demand, especially in the summer when consumption by air conditioning systems rises sharply. KPC also aims to ramp up its own gas output as part of a strategy that targets higher oil production capacity too.

Last week, Kuwait faced a second round of scheduled power outages this summer due to a lapse in local gas supply, despite officials indicating there would be no more cuts after the first round in June. Summer temperatures regularly soar above 50 degrees Celsius (122 degrees Fahrenheit).

Qatar this year announced a further expansion of its North Field project that will cement it as one of the world's top LNG exporters. The project will boost the North Field's LNG output to 142 mtpa from 77 mtpa by 2030.

The LNG from the new supply deal for Kuwait will partly be from the North Field expansion project and partly from Qatar's existing output.

Kuwait and Qatar agreed in 2020 a 15-year deal for the supply of 3 mtpa of LNG from 2022, which will overlap with the new deal.