Saudi Aramco: Yanbu’ South Terminal Boosts Export Capacity

The Yanbu South Terminal. Credit: Saudi Aramco
The Yanbu South Terminal. Credit: Saudi Aramco
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Saudi Aramco: Yanbu’ South Terminal Boosts Export Capacity

The Yanbu South Terminal. Credit: Saudi Aramco
The Yanbu South Terminal. Credit: Saudi Aramco

The commissioning of Yanbu South Terminal (YST) marked the addition of 3 million barrels per day to the West Coast export capacity when the first VLCC was loaded on October 12, Saudi Aramco has said.

Yanbu South Terminal, which is located south of Yanbu City on the West Coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive, store and load Arab Light (AL) and Arab Super Light (ASL) crude oil, said a statement issued by Aramco on Wednesday.

The facility’s integration with the existing crude oil supply network adds 3 million barrels per day to Saudi Aramco’s export capacity through the West Coast, thereby reinforcing the reputation of Saudi Aramco as a reliable energy supplier to customers throughout the globe, it added.

“The successful commissioning and operation of Yanbu South Terminal is a testimony of the Company’s agility in responding to the business environment, and a demonstration of the fine caliber of individuals and teams who will lead the company into the future to support the country’s vision,” said Abdulaziz Al-Judaimi, Senior VP, Saudi Aramco Downstream.

“The successful startup of Yanbu South Terminal is another milestone in reinforcing Saudi Aramco’s position as the world’s leading integrated energy and chemicals producer, operating in a safe, sustainable, reliable and environmentally-friendly manner,” Executive Head of Pipelines, Distribution, and Terminals Abdullah Al-Mansour said.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."