Page 13 - DMEA Week 21 2022

DMEA NEWS IN BRIEF DMEA

POLICY than $1.4bn in the past on environmental The firm said the results were driven by
projects to make it a “green” enterprise in two “delays in releasing and awarding key projects
Saudi Arabia making $1bn years, managing director of the refinery said. by major clients” in addition to “supply chain
“With the help of the development
interruptions, resulting from the COVID-19
per day from oil exports projects, observation of environmental pandemic.”
Additionally, a sharp increase in the costs
standards, e production of environmentally
Saudi Arabia’s oil exports reached $30 friendly products in accordance with Euro of raw materials dragged down its gross
billion in March, the highest in at least six 4 and 5 standards, we are taking big steps profit from SR230 million to SR35 million, an
years, driven by a rally in prices and rising toward shaping a sustainable economy,” 85-percent decline year-on-year.
production. Mohsen Qadiri was also quoted as saying by East Pipes, which joined the Saudi stock
The value of crude exports, almost $1 the Oil Ministry’s news agency Shana. exchange earlier this year, was established in
billion a day, increased by 123% year on year, Noting that water consumption poses a 2010 and specializes in manufacturing steel
the kingdom’s statistics office said. serious threat to industries, including Isfahan pipes.
Saudi Arabia’s production rose to 10.3 Oil Refining Company, he said, “With the Ahead of listing, the pipe manufacturer
million barrels a day in March, with Brent oil aim of turning the threat into an opportunity, had raised SR504 million of proceeds from an
averaging $112 a barrel. Prices have jumped various projects have been implemented or initial public offering.
almost 50% this year, mostly due to the fallout are being carried out.
of Russia’s invasion of Ukraine. For the first time in Iran, the national
The higher revenues helped the kingdom environmental project of treatment and
post a 57.5 billion riyal ($15 billion) budget industrial use of municipal wastewater TERMINALS & SHIPPING
surplus between January and March. It will has been launched in Isfahan Oil Refining
be one of the fastest-growing large economies Company for reducing the use of drinking Iran seizes two Greek oil
in the world this year, according to the water resources by 750 cubic meters per hour.
International Monetary Fund. Qadiri stressed that this project was tankers in Arabian Gulf
Saudi Arabia’s top five trading partners completed in two years at a cost of $3mn.
were a collection of some of the world’s FINANCIAL TRIBUNE Iran’s navy has seized two Greek oil tankers in
biggest oil importers: China, India and Japan, the Arabian Gulf, officials from both sides said
followed by South Korea and the US. on Friday.
Overall exports increased 93% in March PIPELINES “The Revolutionary Guards Navy today
to $37.9 billion. The share of oil in the total seized two Greek tankers for violations in Gulf
figure stood at 80% in March, up from 70% a East Pipes erases profit as waters,” said the Islamic Revolutionary Guard
year earlier. Corps, in a statement quoted by state news
Oil exports may continue to grow because project delays weigh on agency IRNA.
OPEC+, a 23 nation group of producers led by It gave no further details or say what the
Saudi Arabia and Russia, is raising production sales alleged violations were.
each month under a deal that expires around Greece’s Foreign Ministry said Iranian
September. Saudi East Pipes Integrated Co. for Industry authorities “violently took over” the two ships
BLOOMBERG has turned to losses of SR3.25 million in an “act of piracy”.
($865,000) in this fiscal year, as project delays Asked about the Iranian claim,
and supply chain disruptions weighed on Commander Timothy Hawkins of the US
REFINING sales. Navy’s Middle East-based 5th Fleet told AP
The company, which made a profit of that “this is what we are tracking”, but declined
Projects underway to make SR148 million with SR935.5 million in to comment further.
The reason for the seizure of the Delta
revenue in the last fiscal year, saw its revenue
Isfahan refinery ‘green’ drop by 36 percent to SR597 million in the Poseidon and Prudent Warrior was not given
year ended Mar. 31, 2022, according to a
in the IRGC statement.
Isfahan Oil Refining Co. has invested more bourse filing. Shipping news site Lloyds List said the

Week 21 26•May•2022 www. NEWSBASE .com P13