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Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024
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Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

The Saudi Ports Authority (Mawani) has reported a 7.82% surge in the total cargo tonnage handled at its ports in September 2024, hitting 28,097,022 tons, up from 26,058,554 tons in the same period in 2023.
According to Mawani, export containers saw a 9% rise, reaching 255,606 TEUs, while the figure stood at 234,663 TEUs in September 2023.

Similarly, import containers rose by 18% to 258,007 TEUs, a noticeable increase from 217,933 TEUs the preceding year, SPA reported.
The total general cargo stood at 975,406 tons, bulk solid cargo at 4,473,019 tons, and bulk liquid cargo at 15,277,608 tons. Livestock arrivals saw a 35.58% decline, with 343,952 heads of livestock received, compared to 533,948 in September 2023.
The total number of containers handled amounted to 673,124 TEUs, reflecting an 8.08% decrease compared to the 732,319 TEUs handled the previous year. Transhipment containers decreased by 42.98%, down to 159,511 TEUs from 279,723 TEUs in 2023.
Shipping traffic dropped by 5.18%, to 988 ships from 1,042 ships in 2023. The number of passengers fell by 39.46%, with 44,166 passengers recorded this September, compared to 72,956 passengers the previous year. Notably, the shipment of cars saw an increase of 10.51%, the number reaching 98,087, while it stood at 88,755 in 2023.
Mawani had reported a 26.57% increase in cargo tonnage for August 2024. Exported containers grew by 18.76%, reaching 258,955 TEUs, over the corresponding period in 2023.
These results support the National Transport and Logistics Strategy of consolidating the Kingdom's position as a global logistics hub.

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BP Abandons Goal to Cut Oil Output, Resets Strategy

The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)
The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)
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BP Abandons Goal to Cut Oil Output, Resets Strategy

The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)
The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)

BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030.

BP scaled back the target in February last year to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition.

The London-listed company is now targeting several new investments in the Middle East and the Gulf of Mexico to boost its oil and gas output, the sources told Reuters.

Auchincloss took the helm in January but has struggled to stem the drop in BP's share price, which has underperformed its rivals so far this year as investors question the company's ability to generate profits under its current strategy.

The company continues to target net zero emissions by 2050.

“As Murray said at the start of year... the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company,” a BP spokesperson said.

Auchincloss will present his updated strategy though in practice BP has already abandoned it, the sources said. It is unclear if BP will provide new production guidance.

Back to the Middle East, the sources said BP is currently in talks to invest in three new projects in Iraq, including one in the Majnoon field.

BP holds a 50% stake in a joint venture operating the giant Rumaila oilfield in the south of the country, where it has been operating for a century.

In August, BP signed an agreement with the Iraqi government to develop and explore the Kirkuk oilfield in the north of the country, which will also include building power plants and solar capacity.

Unlike historic contracts which offered foreign companies razor-thin margins, the new agreements are expected to include a more generous profit-sharing model, sources have told Reuters.

BP is also considering investing in the re-development of fields in Kuwait, the sources added.

In the Gulf of Mexico, BP has announced it will go ahead with the development of Kaskida, a large and complex reservoir, and the company also plans to green light the development of the Tiber field.

It will also weigh acquiring assets in the prolific Permian shale basin to expand its existing US onshore business, the sources said.