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112,000 Saudi Establishments Participate in Program to Support Job Nationalization

Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat
Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat
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112,000 Saudi Establishments Participate in Program to Support Job Nationalization

Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat
Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat

Saudi Ministry of Labor and Social Development announced on Sunday that 112,000 establishments participated in the program to support nationalization in establishments, in a step that urges private sector establishments in the kingdom.

This actually indicates the seriousness of private sector establishments in supporting nationalization programs.

In this regard, ministry of labor and social development spokesman Khaled Abalkhail clarified that 112,000 establishments participated in the program to support nationalization in establishments, ensuring that the program contributes in achieving purposes of Saudi Vision 2030 and enhancing Saudi males and females in the labor market.

Abalkhail pointed out that the program serves all active private sector establishments in social insurances regime in which the fund contributes in paying part of the monthly social insurance subscriptions on behalf of the establishments – this therefore pushes the Saudi employees number to grow.

He added that the support includes employees (from both genders) who were appointed by the establishment after July 31 2017, and for a period of two years. The support is directed to establishments to urge recruitment of male and female workers and fill the salaries’ gap.

These developments coincide with the kingdom’s approach to increase recruitment opportunities in the country via boosting economy, nationalizing jobs and supporting job opportunities by means of a specialized initiative launched by the Ministry of Labor and Social Development within initiatives of the National Transformation Program 2020.

The National Transformation Program 2020 is considered the first step towards implementation of Saudi Vision 2030 as a methodology and a road-map for economic and development work in the kingdom.

The program also sets general guidelines and policies to become a pioneering modal on all levels.

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China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
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China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS

China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.

The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.

Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.

The rising imports are fueled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed.

It typically takes at least one month for Iranian oil to reach Chinese ports, Reuters reported.

Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said.

Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst.

A possible relaxing of US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.

Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signaled a potential easing in enforcement to help the country rebuild.

For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries.

Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said.

Market fears for a closure of the chokepoint had escalated after last weekend's US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled a ceasefire.

Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.