Bahrain Tightens Control on Oil Facilities Following Attack

Logo of Bahrain Petroleum Company (Bapco)
Logo of Bahrain Petroleum Company (Bapco)
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Bahrain Tightens Control on Oil Facilities Following Attack

Logo of Bahrain Petroleum Company (Bapco)
Logo of Bahrain Petroleum Company (Bapco)

Bahrain’s Crown Prince Salman bin Hamad Al Khalifa, Deputy Supreme Commander and First Deputy Prime Minister instructed the Ministry of Interior, Ministry of Works, Municipalities Affairs and Urban Planning and the Bahrain Petroleum Company (Bapco) to continue to implement security and maintenance measures for pipeline facilities across the Kingdom.

The Crown Prince also called on addressing the needs of the people affected by the terrorist incident that targeted an oil pipeline in Buri village south of Manama on Friday evening.

The Ministry of the Interior transferred a number of people from the village, where the terrorist attack took place, to a shelter in order to ensure their security and safety and provide them with the necessary care.

He extended gratitude to the Kingdom of Saudi Arabia for its prompt cooperation in response to the attack that was instrumental to restoring normal flows of oil supplies between the two countries due to the ongoing collaboration between BAPCO and Aramco.

This came during the 18th meeting of the Higher Committee for Natural Resources and Economic Security, which was chaired by the Crown Prince on Sunday at Riffa Palace.

Minister of Interior Lieutenant General Sheikh Rashid bin Abdullah Al Khalifa and Minister of Oil Sheikh Mohammed bin Khalifa Al Khalifa submitted a presentation on oil pipeline security and maintenance planning in the Kingdom of Bahrain.

Prince Salman bin Hamad also noted the severity of the recent terrorist attack, which was a deliberate act to undermine the security of the Kingdom.

On this note, HRH commended security authorities and Bapco whose collective actions succeeded in bringing the fire under control swiftly while preventing any casualties.

He concluded by praising the efforts of local residents in assisting security authorities, noting that the authorities will continue to work hard to meet their needs in the aftermath of the attack.

In this context, Bapco’s Corporate Communications Head Nawaf al-Ghanim said the company stepped up its security monitoring and patrols at the company's facilities and around the pipeline immediately after the blast.



Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.