Saudi-Korean Partnership to Finance Jafurah Gas Field

Saudi and Korean officials during the signing ceremony of the agreement between Riyad Bank and Export-Import Bank of Korea (Asharq Al-Awsat)
Saudi and Korean officials during the signing ceremony of the agreement between Riyad Bank and Export-Import Bank of Korea (Asharq Al-Awsat)
TT

Saudi-Korean Partnership to Finance Jafurah Gas Field

Saudi and Korean officials during the signing ceremony of the agreement between Riyad Bank and Export-Import Bank of Korea (Asharq Al-Awsat)
Saudi and Korean officials during the signing ceremony of the agreement between Riyad Bank and Export-Import Bank of Korea (Asharq Al-Awsat)

Saudi Arabia’s Riyad Bank signed a project financing agreement with the Export-Import Bank of Korea to develop the power station project in the al-Jafurah gas field.

In 2020, Saudi Aramco that it had obtained approval to develop the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas field in the Kingdom of Saudi Arabia to date.

The development of Jafurah is expected to enhance Aramco’s position in the global energy sector and help achieve its goal of being the world’s pre-eminent integrated energy and chemicals company.

Jafurah is the largest unconventional non-associated gas field in the Kingdom, with a length of 170 km and a width of 100 km.

The volume of gas resources in the field is estimated at 200 trillion cubic feet of rich raw gas, providing a valuable feedstock for the petrochemical industries.

The field will be able to produce about 425 million standard cubic feet of ethane per day, representing about 40 percent of the current production, and will have about 550,000 barrels per day of gas liquids and condensate needed for the petrochemical industries.



Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
TT

Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.