Oil Updates — Crude recoup losses; Saudi minister says OPEC+ to stick to production cut

Oil Updates — Crude recoup losses; Saudi minister says OPEC+ to stick to production cut
Oil Updates — Crude recoup losses; Saudi minister says OPEC+ to stick to production cut

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Jeddah - Yasmine El Tohamy - RIYADH: A hospital, a bookstore and a hydrogen plant are among the developments heading for Jubail after the Saudi government signed off a package of investment deals worth SR8 billion ($2.13 billion). 

The Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, revealed the agreements on Twitter, with investments ranging from industrial to commercial services — all focused on providing services to the residents and enhancing the quality of life in Jubail Industrial City. 

The agreements were signed by Ahmed bin Zaki Al-Hussein, CEO of the Royal Commission in Jubail, with one seeing the National Center for Environmental Compliance Control building a headquarters with an estimated investment of SR270 million and offering 80 jobs for Saudi workers. 

In addition to creating 50 jobs for Saudi citizens, Jarir Marketing Co. will run a branch of Jarir Bookstore, as well as a collection of restaurants and cafes in Sudair’s city center in the Al-Fanateer district, for SR40.1 million. 

With an estimated investment of SR1.2 billion, Dr. Sulaiman Al-Habib Medical Group will build and operate a hospital, providing 1,800 job opportunities for Saudis.

Numerous industrial developments have also been agreed, with a consortium of Saudi and Air Products Qudra Company building and operating a hydrogen plant in the Al-Fayhaa area, with a projected investment of SR30 million. 

The Advanced Circular Materials Co. and the Royal Commission in Jubail have agreed to establish and run a plant to produce vanadium oxide and its accessories in what would be a SR3 million investment deal that is forecast to create 421 direct jobs. 

The Union Crown Company for Paper Industry will construct and operate a factory to produce large-sized paper rolls for an investment estimated at SR380 million in the PlasChem area, which will provide 283 direct jobs. 

Khalid Al-Juffali Co. is set to build a plant to produce di-methylene isocyanate, with an estimated investment of more than SR750 million, creating 280 direct jobs. 

Baalbaki Chemical Industries, known as BCI, will build and operate a plant to produce polyester materials, polyether mixture and polymer methylene compound in PlasChem, with an estimated investment of SR225 million, providing 232 direct jobs. 

Dow Saudi Arabia will establish and operate a facility to produce amine solvents in the PlasChem area, with an estimated investment of more than SR132 million, providing 21 direct jobs. 

With an estimated investment of more than SR1.5 million, Calico Co. Ltd. plans to build and operate a facility in Jubail Industrial City, to produce protein and nutrients for marine organisms. 

Building and operating a plant to produce methyl diethanolamine and methylamine compounds with Al Hujailan/Dow Co. for a value of SR375 million, estimated to create 75 direct jobs. 

These projects support the Royal Commission’s plan to support the manufacturing sector. The products that will be produced have a wide range of uses, particularly in producing large batteries and intermediate agents for chemical reactions. 

Some of these products contribute to the Kingdom’s fisheries and food security. 

Alkhorayef has been vocal about trying to secure more private sector funds into the Kingdom, and speaking at the Sixth Industrialist Council meeting organized by the Riyadh Chamber of Commerce in February, he called on the business sector to take advantage of the tremendous opportunities in Saudi Arabia.  

The announcement comes just two months after the Royal Commission for Jubail and Yanbu signed five agreements worth more than SR43 billion to establish projects in the cities of Ras Al-Khair for mining industries and Yanbu Industrial.   

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