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Saudi Aramco Acquires Largest Oil Refinery in North America

Saudi Aramco’s global trading arm has bought US firm Motiva Trading. SPA
Saudi Aramco’s global trading arm has bought US firm Motiva Trading. SPA
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Saudi Aramco Acquires Largest Oil Refinery in North America

Saudi Aramco’s global trading arm has bought US firm Motiva Trading. SPA
Saudi Aramco’s global trading arm has bought US firm Motiva Trading. SPA

Saudi Aramco’s global trading arm has bought US firm Motiva Trading as it seeks to expand its footprint across North and South America.

As well as acquiring 100 percent of the firm, Aramco Trading Co. has also launched a Texas-based subsidiary – Aramco Trading Americas.

The new entity will be the sole supplier and ‘offtaker'of Motiva Enterprises, the owner of North America’s largest oil refinery with a crude capacity of 630,000 barrels a day of consumer and commercial grade fuels and base oils.

According to Aramco, ATA will be ATC’s regional office, expanding its trading business in North and South America to capture new opportunities and increase its existing customer base.

By allowing customers access to a sturdy hydrocarbon system, this is projected to bring about strength in the global value chain in the future, according to the statement.

“The acquisition of Motiva Trading and the establishment of Aramco Trading Americas are a giant step towards executing our ambitious global growth strategy, which aims to expand our geographical reach and scale of operations, while further strengthening our product flexibility and optionality,” said President and CEO of ATC Mohammed Al-Mulhim.

In another context, the Saudi oil producer has been involved in advanced discussions to take a stake of up to 20 percent in a previously announced Geely-Renault powertrain technology company that the automakers are working to establish, according to Reuters.

According to a document prepared by the companies and viewed by Reuters, the aim is to establish a powertrain company this year with a production capacity of more than 5 million "low-emission and hybrid engines and transmissions" annually.

The new joint venture - codenamed "Horse" - is aimed at developing more efficient gasoline engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles.

Aramco would also contribute to research and development of powertrain technologies, especially synthetic fuel solutions and next-generation hydrogen technologies, the document said.

Last year, Aramco, Hyundai Motor Group, and KAUST announced they would collaborate to research and potentially develop an advanced fuel formulation for use in combination with a novel combustion system.

In another context, Aramco remains the most valuable brand in MENA in 2023, according to the latest report released by Brand Finance.

“We are very optimistic in terms of demand coming back to the market,” Saudi Aramco’s chief executive officer, Amin Nasser, said in an interview. “We are starting to see good signs coming out of China. Hopefully, in the next couple of months, we’ll see more of a pickup in the economy there.”

The world needs 4 million to 6 million barrels a day of new production just to make up for the natural decline in existing fields, according to the CEO.

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Business

Investment Worth SAR21 Bln to Rapidly Develop Workforce Residential Communities at NEOM

NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)
NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)
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Investment Worth SAR21 Bln to Rapidly Develop Workforce Residential Communities at NEOM

NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)
NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)

NEOM announced on Tuesday that it has finalized contracts with investors for the first phase of its residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce. The agreement amounts to a total value of over SAR 21 billion, making it one of the largest international public-private partnerships for accommodation.

The preferred bidders for the first phase of the residential communities consist of leading Saudi Arabian companies, Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk involved via two separate partners: Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).

Chief Executive Officer at NEOM Nadhmi Al-Nasr said: “NEOM has selected some of the leading companies in the Kingdom of Saudi Arabia as partners in delivering and operating temporary communities with world-leading services and infrastructure. The newly formed partnerships mark an important milestone for the region and is a testament to the capabilities of our team and partners who rapidly achieved financial close on a record amount.”

The agreement paves the way for more private sector participation in the development of NEOM’s infrastructure. The second phase of the temporary residential project is expected to be issued to the market in the coming months. In addition to contract awards, NEOM is reviewing interest from investors with plans to shortlist pre-qualified participants from now.

One of the strategic ambitions for the giga-project has been to attract additional investors to be part of the vision and become an active steward of NEOM’s commercial assets. The multi-billion-riyal investment is further proof of the scale of the project for Saudi Arabia. It will also have a direct economic impact on the region, helping to develop local competency, advance the use of sustainable solutions in construction, and allow for local job creation.

Several of NEOM’s core developments are ramping up, including THE LINE, Trojena, Oxagon, and Sindalah, as infrastructure unfolds across the vast region. This latest public-private partnership is a vital step in bringing larger plans online to their agreed timescales. The scope for this agreement will cover elements of design, finance, build, operations, and maintenance of the housing communities.

Vice Chairman of Alfanar Sabah Al Mutlaq said: “We are elated to partner with NEOM on this multi-nodal infrastructure project, and to contribute to NEOM’s vision of disrupting the conventional approach to urban living. This is in line with our commitment to deliver high-quality solutions in a sustainable manner."

Chairman of Tamasuk Mohammed Al Balwi said: “We are immensely proud to be NEOM’s infrastructure partners. Together with Almajal and SATCO, we are committed to delivering the infrastructure that will facilitate the wider and rapid development of NEOM.”

President of Nesma Co. Faisal Al Turki said: “We look forward to working with the teams at all levels for the realization of this project and the wider NEOM vision.”

Chairman of AREIC Tariq al Mutlaq said: “We are delighted to witness the growth of the compelling region of NEOM. The rapid development of their initiatives that support the Saudi Vision 2030 are in line with our mission for the sustainable development of the Kingdom.”

The agreement will see an additional 10 communities established across NEOM, adding capacity for 95,000 more occupants once the first phase of the project is completed. The temporary accommodations, needed during the construction period of NEOM, are built sustainably as relocatable modular units which can be repurposed once the communities are no longer needed.

Additional to essential services, communities will also include a wide range of lifestyle facilities, such as multi-purpose sports fields, cricket ovals, tennis courts, volleyball courts, basketball courts, swimming pools and entertainment venues.

Business

World Bank Cuts 2024 Global Growth Forecast as Rate Hikes Bite but Lifts 2023 Outlook

An employee (R) cuts fruit as shoppers visit a market in Tokyo on June 6, 2023. (AFP)
An employee (R) cuts fruit as shoppers visit a market in Tokyo on June 6, 2023. (AFP)
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World Bank Cuts 2024 Global Growth Forecast as Rate Hikes Bite but Lifts 2023 Outlook

An employee (R) cuts fruit as shoppers visit a market in Tokyo on June 6, 2023. (AFP)
An employee (R) cuts fruit as shoppers visit a market in Tokyo on June 6, 2023. (AFP)

The World Bank on Tuesday raised its 2023 global growth outlook as the US, China and other major economies have proven more resilient than forecast, but said higher interest rates and tighter credit will take a bigger toll on next year's results.

Real global GDP is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That's up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%.

The development lender cut its 2024 global growth forecast to 2.4% from 2.7% in January, citing the lagged effects of central bank monetary tightening and more restrictive credit conditions that were reducing business and residential investment.

These factors will slow growth further in the second half of 2023 and into 2024, but the bank released a new 2025 global growth forecast of 3.0%.

World Bank Chief Economist Indermit Gill put a gloomy spin on the new forecasts, saying that 2023 would still mark one of the slowest growth years for advanced economies in the last five decades.

Two thirds of developing economies will see lower growth than in 2022, dealing a major setback to pandemic recovery and poverty reduction and increasing sovereign debt distress, he added.

"Even by the end of next year, a third of the developing world will not beat the per-capita income levels that they had at the end of 2019," Gill told reporters. "That's five lost years for nearly a third of the world's countries."

In January, the World Bank had warned that global GDP was slowing to the brink of recession, but since then, strength in the labor market and consumption in the U.S. had exceeded expectations as has China's recovery from COVID-19 lockdowns.

US growth for 2023 is now forecast at 1.1%, more than double the 0.5% forecast in January, while China's growth is expected to climb to 5.6%, compared to a 4.3% forecast in January after COVID-reduced growth of 3% in 2022.

The bank, however, halved its previous 2024 US growth forecast to 0.8%, and cut China's forecast by 0.4 percentage point to 4.6%.

The euro zone got a forecast increase to 0.4% growth for 2023 from a flat outlook in January, but the forecast for next year was also cut slightly.

Recent banking sector stress is also contributing to tighter financial conditions that will continue into 2024, the lender said.

It cited one potential downside scenario where banking stress results in a severe credit crunch and broader financial market stress in advanced economies. This would likely cut 2024 growth by nearly half to just 1.3% - the slowest pace in 30 years outside of the 2009 and 2020 recessions.

"In another scenario where financial stress propagates globally to a far greater degree, the world economy would fall into recession in 2024," the bank added.

The bank said inflation is expected to gradually edge down as growth decelerates and labor demand in many economies softens and commodity prices remain stable. But it added that core inflation is expected to remain above central bank targets in many countries throughout 2024.

Business

Saudi Efforts to Protect Oil Producers from Shrinking Global Economic Growth

An Aramco facility (Asharq Al-Awsat)
An Aramco facility (Asharq Al-Awsat)
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Saudi Efforts to Protect Oil Producers from Shrinking Global Economic Growth

An Aramco facility (Asharq Al-Awsat)
An Aramco facility (Asharq Al-Awsat)

The Saudi government's voluntarily reducing its output to nine million barrels per day (bpd) represents significant to support the global market and protect producers and consumers, economic analysts told Asharq Al-Awsat.

The experts emphasized the importance of a unified OPEC+ decision and the voluntary production decline in line with the capabilities of many oil-producing countries.

- Market protection

Advisor and international law professor Osama al-Obaidi told Asharq Al-Awsat that the decision of the OPEC+ group seeks to protect price stability from severe fluctuations that harm producers and consumers alike.

Obaidi said the decision limits the contraction of global economic growth, noting that the extreme price fluctuation leads to a decline in oil production efficiency and consumption.

The expert noted that OPEC+ countries needed to defend their market share and achieve stability.

- Global Economy

Obaidi said that the OPEC+ policy, led by Saudi Arabia, balanced international markets and enhanced the stability of the global economy.

Saudi Arabia's efforts are essential to eliminate extreme fluctuations in the oil market to prevent a decline in global demand and support market stability and balance, said Obaidi.

He indicated that the Kingdom, with its voluntary reduction with the member states of OPEC+, succeeded in reducing price fluctuations and ensured the availability of sufficient supplies to global markets.

- Distributive justice

Economist Fahd bin Jumaa noted that appointing impartial bodies to monitor OPEC+ production is an advanced and unprecedented step that achieves fair distribution of production lines and determines the reduction transparently.

Bin Juma told Asharq Al-Awsat that Saudi Arabia's reduction of its production by one million bpd starting next July confirms the correct outlook for global markets to maintain oil stability.

- Precautionary efforts

An official source in the Saudi Ministry of Energy said that after the OPEC+ meeting, the Kingdom would implement an additional voluntary cut in its crude oil production, amounting to one million bpd, starting in July for a month that can be extended.

The Saudi production will become nine million bpd, and the Kingdom's total voluntary cut will be 1.5 million bpd.

The source explained that the Kingdom's additional voluntary cut reinforces the precautionary efforts made by OPEC Plus countries to support the stability and balance of oil markets.

In addition to extending the existing OPEC+ cuts of 3.66 million bpd, the group also agreed to reduce overall production targets from January 2024 by a further 1.4 million bpd versus current targets to a combined 40.46 million bpd.

Business

Global Investment Requests for Saudi Industrial Cities Soar

The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Global Investment Requests for Saudi Industrial Cities Soar

The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)

The Executive Vice President of Business Development of the Saudi Authority for Industrial Cities and Technology Zones (MODON) Eng. Ali Al Omeir revealed the presence of global requests to enter the industrial cities.

Omeir emphasized the significant efforts made by Saudi Arabia’s industrial system to attract international investments through participation, direct communication, and targeting global events.

In an interview with Asharq Al-Awsat, Omeir said that MODON has successfully attracted domestic and foreign investments amounting to a cumulative investment of over SAR 405 billion ($108 billion).

The number of operational factories in the Kingdom reached 5,926, along with 290 logistical facilities, contributing significantly to diversifying the national income sources and achieving the goals of Saudi Vision 2030 and the National Industrial Strategy.

These achievements are aimed at establishing a sustainable industrial economy and an attractive investment environment.

“Spread across all regions of the Kingdom, there are 36 industrial cities with developed areas exceeding 198 million square meters. The total number of contracts within these cities reached 7,242, encompassing industrial, logistical, and investment sectors,” revealed Omeir.

Moreover, he clarified that MODON is simultaneously working on encouraging the private sector to contribute to the establishment, development, management, operation, and maintenance of industrial cities.

Omeir also stated that there is an intention to expand in establishing industrial cities in the Kingdom.

He pointed out that the existing industrial cities are partially developed, with continuous development based on market needs.

“Today, we can identify the cities that require further development, and in line with the market and its demands, we are working on developing this infrastructure,” added Omeir.

Omeir’s remarks came following MODON inaugurating 98 ready-made factories worth SAR 100 million ($26.6 million).

Regarding the inauguration of the new factories, Omeir stated that it marks a new phase of expansion in the partnership between the public and private sectors.

This is exemplified by the launch of the “Producers 3” project in the third industrial zone in Jeddah, consisting of 98 factories spanning over an area exceeding 92,000 square meters.

The launch of the factories highlighted the importance of building conscious partnerships that contribute to achieving MODON’s objectives.

Business

IMF Urges Kuwait to Regulate its Public Finances, Impose Taxes

A worker fills fuel at a station in Kuwait (KUNA)
A worker fills fuel at a station in Kuwait (KUNA)
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IMF Urges Kuwait to Regulate its Public Finances, Impose Taxes

A worker fills fuel at a station in Kuwait (KUNA)
A worker fills fuel at a station in Kuwait (KUNA)

The International Monetary Fund (IMF) on Monday urged Kuwait to regulate the country’s public finances and to gradually phase out large energy subsidies to reduce current spending.

In a staff concluding statement of the 2023 Article IV Mission, the IMF said substantial fiscal consolidation based on both expenditure and non-oil revenue measures will be needed in Kuwait.

“To reduce current spending, it is critical to rationalize the public sector wage bill, as well as to gradually phase out large energy subsidies while replacing them with targeted income support to vulnerable households,” the Fund said.

Also, in order to raise non-oil revenue, a 5 percent value-added tax should be introduced, while excises on tobacco and sugary drinks should be levied, as agreed with other GCC countries in 2015-16.

However, the IMF affirmed that Kuwait’s economic recovery continues thanks to the high oil production and prices and that inflation has been contained, while the fiscal and external balances have strengthened, and financial stability has been maintained.

“Inflation has been contained, given limited pass-through from higher global food and energy prices due to administered prices and subsidies, as well as monetary policy tightening broadly,” the statement noted.

Meanwhile, the Fund revealed that Kuwait’s economy has largely recovered from the pandemic.

“Growth is estimated to have surged to 8.2 percent in 2022, up from 1.3 percent in 2021, primarily driven by high oil production and prices,” it stated.

Despite the figures, the IMF predicted that in 2023, growth is projected to fall to 0.1 percent, reflecting agreed OPEC+ oil production cuts and slower external demand growth.

In October, OPEC+ agreed steep oil production cuts, curbing supply of 2 million barrels per day of output until the end of 2023.

The influential Organization of the Petroleum Exporting Countries also met last Sunday in Vienna and announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024.

On Monday, Kuwait said it will continue its voluntary oil output reduction by 128,000 bpd until the end of 2024.

Concerning Kuwait’s non-oil growth, the IMF said on Monday that it is projected to remain robust at 3.8 percent, due to fiscal stimulus and a partial rebound in expatriate employment, despite slower real credit growth.

Non-oil growth had risen to a brisk 4.0 percent in 2022, up from 3.4 percent in 2021, reflecting strong domestic demand.

 

Business

Standard Chartered Issues First-Ever Green Guarantee in Saudi Arabia

Officials from Standard Chartered and Larsen and Toubro during the announcement of the issuance of the first-ever green guarantee in Saudi Arabia. (Asharq Al-Awsat)
Officials from Standard Chartered and Larsen and Toubro during the announcement of the issuance of the first-ever green guarantee in Saudi Arabia. (Asharq Al-Awsat)
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Standard Chartered Issues First-Ever Green Guarantee in Saudi Arabia

Officials from Standard Chartered and Larsen and Toubro during the announcement of the issuance of the first-ever green guarantee in Saudi Arabia. (Asharq Al-Awsat)
Officials from Standard Chartered and Larsen and Toubro during the announcement of the issuance of the first-ever green guarantee in Saudi Arabia. (Asharq Al-Awsat)

Standard Chartered has issued Saudi Arabia’s first-ever green guarantee for Larsen and Toubro (L&T), a global leader in engineering, procurement, and construction (EPC) projects.

The green guarantee is issued for the green hydrogen project development at NEOM where L&T Saudi Arabia will be responsible for the design, local supplies, construction, and commissioning of the renewable and grid packages while the international supplies will be handled by its other subsidiary LTIFZE, both subsidiaries of L&T.

The launch reflects the Bank's commitment to supporting sustainable projects and promoting the development of green technologies in Saudi Arabia and beyond.

The green hydrogen project aims to produce hydrogen from renewable energy sources and will support the reduction of carbon emissions, in line with Saudi Arabia's Vision 2030.

“The announcement marks yet another significant milestone in L&T’s long-standing collaborative partnership with Standard Chartered,” CFO L&T Group Shankar Raman said.

“It further demonstrates our commitment to sustainability, the advancement of sustainable finance, and the transformative power of cooperative efforts.”

Raman added that “through such initiatives, we emphasize the power of partnerships in fostering sustainable development and practices. We remain focused on continuing to grow our green business in Saudi Arabia in partnership with and continued support from Standard Chartered as one of our key relationship banks.”

“We are pleased to issue the first sustainable guarantee in the Kingdom of Saudi Arabia which supports the growth and development of green hydrogen. At Standard Chartered, we know that technological and financial innovation is critical in supporting the global transition towards a low-carbon economy,” said Mohammad Salama, Standard Chartered’s regional head of corporate, commercial, and institutional banking in the Middle East and North Africa.

Standard Chartered said the sustainable guarantee will ensure that L&T receives the necessary financial support for the development of the wind and solar farms to support the green hydrogen generation in this project while meeting the bank’s environmental, social, and governance standards.

The green hydrogen project is expected to play a significant role in reducing carbon emissions and promoting sustainable development in Saudi Arabia.

It will also contribute to the country's ongoing efforts to reduce its dependence on oil.

Business

Syria Expects to Halve Wheat Imports after ‘Very Good' Harvest

A Syrian farmer in a wheat field in Afrin on Wednesday. (Getty Images)
A Syrian farmer in a wheat field in Afrin on Wednesday. (Getty Images)
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Syria Expects to Halve Wheat Imports after ‘Very Good' Harvest

A Syrian farmer in a wheat field in Afrin on Wednesday. (Getty Images)
A Syrian farmer in a wheat field in Afrin on Wednesday. (Getty Images)

Syria will import half as much wheat in 2023 as the previous year due to an expected boost in the domestic harvest, Minister of Agriculture Mohammad Hassaan Qatna said on Monday.

Before war erupted in 2011, Syria produced around 4 million tons of wheat yearly, enough to feed itself and export to neighboring countries. But with erratic rainfall patterns and the country's traditional breadbasket in the northeast outside government control, production has been paltry in recent years, said Reuters.

Russia's invasion of Ukraine last year prompted a spike in worldwide grain prices, making Syrian imports more expensive even as Damascus relied more on external sources.

"This year, the rainfall at the beginning of the season was a bit delayed, but all the planned areas were cultivated and the rainfall distribution was good," Qatna told Reuters in an interview in Beirut.

As a result, Qatna said, winter wheat production was "very good" and anticipated imports will be about "50% of what Syria used to import in past years", describing it as "a good achievement".

Last year, Syria imported around 1.5 million tons of wheat, with Russia providing all but a fraction of them, according to Refinitiv data.

Qatna said areas in the north - where Türkiye-backed rebels as well as US-backed Kurdish fighters each control swathes of separate territory – had not been cultivated by the central Syrian authorities.

He declined to provide Reuters with specific figures on production and import.

Qatna said Syria mainly imports wheat from Russia, which has backed the Syrian government militarily and financially.

Russian authorities have not disclosed grain supplies to Syria for a number of years. Last year, Reuters reported that wheat sent to Syria from the Black Sea port of Sevastopol in Crimea increased 17-fold to just over 500,000 tons.

Business

Egypt Non-Oil Activity Contracts for 30th Straight Month

Containers await to be unloaded at Alexandria port. (Reuters)
Containers await to be unloaded at Alexandria port. (Reuters)
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Egypt Non-Oil Activity Contracts for 30th Straight Month

Containers await to be unloaded at Alexandria port. (Reuters)
Containers await to be unloaded at Alexandria port. (Reuters)

Non-oil private sector activity in Egypt contracted for the 30th straight month in May, weighed down by continued high inflation and weak demand.

The S&P Global Egypt Purchasing Managers' Index (PMI) strengthened to 47.8 in May from 47.3 in April but remained well below the 50.0 threshold that marks growth in activity.

"Business activity levels continued to fall in the latest survey period, reflecting sustained efforts by companies to reduce output in line with weaker sales volumes," S&P Global said.

"However, whilst solid overall, the rate of decline was the softest registered in almost a year-and-a-half, helped by near stabilizations in the manufacturing and services sectors," it added.

May's rate of contraction was the slowest since February 2022.

The PMI's sub-index for overall input prices increased to 59.0 from April's 58.7, and that for purchase prices rose to 60.1 from 59.9.

Annual urban consumer inflation slowed to 30.6% in April from 32.7% in March, the state statistics organization reported last month, while core inflation eased to 38.6% from 39.5%.

"The toll of rising input prices and weak demand meant that purchasing activity at non-oil businesses continued to decline, leading to a further contraction in firms' input inventories," S&P Global said.

"The pace at which input purchases decreased was the slowest seen since last October, however. Ongoing import restrictions meant that lead times on inputs lengthened, albeit only mildly."

The new orders sub-index improved to 46.4 from 45.2 in April, while that for output rose to 46.3 from 45.4.

"While firms continued to report subdued demand that was largely attributed to inflation, some respondents began to see a recovery in client orders. Notably, new business intakes in the services economy grew for the second time in three months," S&P Global said.

The sub-index for future output expectations strengthened to 53.2 from an all-time low of 51.4 in April.

"Despite the improvement, confidence levels were still among the lowest ever recorded, amid continued concerns about demand conditions, inflationary pressures, and supply-side challenges," S&P wrote.

"Only 6% of companies were hopeful that output levels will expand over the coming year."

Business

SABIC Agri-Nutrients Exports 1st Shipment of Low-Carbon Ammonia to Taiwan

Before this shipment, the company had already delivered shipments to various markets. Reuters file photo
Before this shipment, the company had already delivered shipments to various markets. Reuters file photo
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SABIC Agri-Nutrients Exports 1st Shipment of Low-Carbon Ammonia to Taiwan

Before this shipment, the company had already delivered shipments to various markets. Reuters file photo
Before this shipment, the company had already delivered shipments to various markets. Reuters file photo

SABIC Agri-Nutrients, a public joint-stock company owned 50.1% by SABIC, has successfully dispatched the first commercial shipment of low-carbon ammonia to Taiwan Fertilizer Company, the Saudi Press Agency reported.

"The export of low-carbon ammonia reflects the company's commitment to providing low-carbon solutions to its customers and helping them achieve their goals aimed at achieving net zero emissions in various areas such as the transition to clean energy, fertilizer solutions, and low-carbon chemicals,” said SABIC Agri-Nutrients CEO Eng. Abdulrahman Shamsaddin.

According to SPA, Shamsaddin stated that before this shipment, the company had already delivered shipments to various markets, including Japan, South Korea, and India, as part of its ambition to establish itself as a frontrunner in the low-carbon ammonia market.

"The company is looking forward to achieving a transformation in its business to contribute to facing pressing global challenges through effective carbon management,” said Shamsaddin.

He added that the firm’s growth strategy is based on a circular carbon economy that aims to re-utilize carbon-containing products along value chains.

Business

IATA Re-Elects Director General of Saudi Airlines as Board of Governors Member

FILE PHOTO: The setting sun illuminates an aircraft's contrail as it flies, January 17, 2022. REUTERS/Toby Melville/File Photo
FILE PHOTO: The setting sun illuminates an aircraft's contrail as it flies, January 17, 2022. REUTERS/Toby Melville/File Photo
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IATA Re-Elects Director General of Saudi Airlines as Board of Governors Member

FILE PHOTO: The setting sun illuminates an aircraft's contrail as it flies, January 17, 2022. REUTERS/Toby Melville/File Photo
FILE PHOTO: The setting sun illuminates an aircraft's contrail as it flies, January 17, 2022. REUTERS/Toby Melville/File Photo

The International Air Transport Association (IATA) has re-elected the Director General of the Saudi Arabian Airlines Group, Eng. Ibrahim bin Abdulrahman Al-Omar, as a member of the Board of Governors for a period of three years.

IATA also chose the Vice President for Safety, Aviation Security and Quality at Saudia Airlines, Captain Muhammad Salim Dahdooli, as a member of the Security Advisory Council (SAC).

The selections took place during the 79th General Meeting and World Air Transport Summit held on June 4-6 in Istanbul, Türkiye, an annual event considered as the largest gathering of global airline leaders.

The Board of Governors represents the highest executive authority in IATA, which is concerned with developing plans and strategies for the global air transport industry, approving strategic plans, establishing general policies for the association on security, safety, and environmental affairs, and following up on the responsibilities of the advisory committees affiliated with the Board of Governors.