Latest news with #Aliqtisadia
Zawya
12-05-2025
- Business
- Zawya
Saudi expands Jubail industrial city for new investments
Saudi Arabia has launched a project to expand its eastern Jubail industrial Industrial City to accommodate fresh industries after the existing zone reached full capacity, a top official has said. Royal Commission in Jubail CEO Mahmoud Al-Theeb said the project involves the establishment of Jubail 3 and it would focus on attracting such industries as renewable energy products, car parts, electronics, pipes and other industries. 'This expansion project is intended to face a surge in demand by industrial will be a natural extension of Jubail 2 which comprises large projects and industrial giants,' he told the Saudi daily Aliqtisadia. He noted that at the end of 2024, Jubail Industrial City was operating at 98 percent of its capacity and included nearly 500 projects. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
19-03-2025
- Business
- Zawya
Saudi oil production cost up 11% in 2024
Crude oil production costs in Saudi Arabia increased by around 11 percent in 2024 but they remained among the world's lowest costs. Saudi Aramco's figures published by the Saudi daily Aliqtisadia on Wednesday showed production and exploration costs averaged around $3.53 in 2024 per barrel compared with nearly $3.19 in 2023. Costs last year were the highest since 2018, when they stood at around $3.05 per barrel, the paper said, citing a recent report by Saudi Aramco, the world's largest oil company. The report showed capital expenditure by Saudi Aramco on oil and gas exploration and production averaged nearly $8.3 per barrel equivalent last year. 'Saudi Aramco noted in a recent report that production costs in Saudi Arabia remain among the lowest in the world,' the paper said. Saudi Aramco controls the world's second largest proven oil deposits of around 255 billion barrels and produces more than 9 million barrels per day (bpd), far below its sustainable output capacity of nearly 12 million bpd. (Writing by Nadim Kawach; Editing by Anoop Menon) (
