Saudi Aramco Sponsors GCC Downstream Conference in Manama

Saudi Aramco sponsors the International Downstream Conference and Exhibition in Manama. (SPA)
Saudi Aramco sponsors the International Downstream Conference and Exhibition in Manama. (SPA)
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Saudi Aramco Sponsors GCC Downstream Conference in Manama

Saudi Aramco sponsors the International Downstream Conference and Exhibition in Manama. (SPA)
Saudi Aramco sponsors the International Downstream Conference and Exhibition in Manama. (SPA)

Saudi Aramco took part in the International Downstream Conference and Exhibition of the 2018 Gulf Refining Federation that is underway in Manama, Bahrain, reported the Saudi Press Agency on Tuesday.

The four-day event is organized under the patronage of Saudi Aramco, under the patronage Prime Minister of Bahrain Prince Khalifa bin Salman Al Khalifa.

The conference will coincide with the launch of the Excellence for Leading Women's Forum, which will be held on Thursday and sponsored by Saudi Aramco.

In his keynote address during the conference, Saudi Aramco's Vice President, Domestic Refining and NGL Fractionation Suleman Al-Bargan stressed the importance of this forum and its long-term commitment to bring together the largest number of experts and specialists in the refining industry.

He also tackled important issues in the fields of innovation, cooperation and technology, which brings together a number of stakeholders with local and international partners.

Al-Bargan noted that the conference is an opportunity to evaluate the industry and look at its current status and future direction, expressing pride in the ongoing association of the Gulf Refining Federation and Saudi Aramco's commitment to boosting its refining capacity to maximize the Kingdom's oil and human resources.

He pointed out that our strategy of refining, processing and marketing aims to attract billions of dollars of investments and provide direct and indirect employment opportunities for national cadres, in line with the Kingdom’s Vision 2030 and the company's strategy to localize supply chain through a softening program.

The Manama conference is attended by about 2,000 people representing 300 companies from 35 countries. It covers a number of industry-related topics through seminars, panel discussions and presentations that offer common approaches to innovation, in industry, cooperation and technical development.

Saudi Aramco is the largest founding member of the Gulf Refining Federation, established in 2016 along with Kuwait International Petroleum Company, Bahrain Petroleum Company, Kuwait National Petroleum Company and Abu Dhabi National Oil Company. The conference provides a forum for refiners, regulators, licensors, investors, academics, specialists to share technical and industrial ideas and collaborate, in finding and innovating solutions.



Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.


Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.


GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.