Latest news with #Petrotank
Arab News
7 days ago
- Business
- Arab News
Saudi Mawani, Petrotank to establish $133m integrated ship refueling center in Yanbu
RIYADH: Saudi Arabia's King Fahad Industrial Port in Yanbu will see the establishment of an SR500 million ($133 million) integrated ship refueling center following a lease agreement signed by the Kingdom's Ports Authority, Mawani. Inked with the National Petroleum and Petrochemical Tank and Pipelines Co., the deal will see the facility developed on a 110,700 sq. meter site over 20 years, the Saudi Press Agency reported. The initiative falls in line with Mawani's drive to enhance the competitiveness of Saudi ports by developing fuel and oil tank infrastructure, which is crucial for delivering high-value logistical services, supporting increased vessel traffic, and strengthening both regional and global port competitiveness. It also supports the goals of the National Transport and Logistics Strategy, which seeks to invest more than $266.7 billion by 2030, aiming to establish Saudi Arabia as a top international logistics hub. 'This collaboration with Petrotank reflects Mawani's commitment to enhancing the attractiveness and competitiveness of Saudi ports through the expansion of services provided to shipping lines,' Mawani President Suliman Al-Mazroua said, as reported by SPA. As part of its ongoing strategic partnership with Mawani, Petrotank operates the fuel station at King Fahad Industrial Port in Yanbu. The facility houses eight tanks with a combined storage capacity of 114,000 cubic meters and plays a vital role in supporting vessel operations, SPA added. The new center represents a major advancement in fuel storage and bunkering services, aimed at attracting more vessels, enhancing efficiency, and boosting commercial traffic, thereby supporting Saudi Vision 2030's objective to strengthen the logistics sector. King Fahad Industrial Port in Yanbu is a key industrial hub on the Kingdom's Red Sea coast, recognized for its ability to manage diverse cargo types such as petrochemicals and refined products. Covering 6.8 sq. km, the port includes 34 berths and 10 terminals, with a total handling capacity of up to 210 million tonnes. Saudi Arabia's logistics sector is emerging as a magnet for global investment, powered by regulatory reforms, incentive schemes, and its alignment with the ambitious Vision 2030 agenda, according to industry experts. As the Kingdom pushes ahead with economic diversification, strengthening its transport and logistics infrastructure has become a central pillar of the program. Speaking to Arab News in July, Paolo Carlomagno, partner at Arthur D. Little, said global logistics players now view Saudi Arabia not only as a high-growth market but as a strategic regional hub for multimodal operations — spanning the Gulf Cooperation Council region, Red Sea basin, and East Africa — anchored by the Kingdom's expanding port, airport, and inland logistics network. In January, Saudi Arabia introduced 15 new incentives under the Authorized Economic Operator program to bolster its export competitiveness. These included streamlined administrative processes, dedicated account managers, and liaison officers to support investors.
Leaders
7 days ago
- Business
- Leaders
Mawani, Petrotank Sign SAR500M Agreement for Refueling Hub at KFIP
The Saudi Ports Authority (Mawani) has signed a land lease agreement with the National Petroleum & Petrochemical Tank & Pipelines Company (Petrotank) to develop an integrated ship refueling center at King Fahad Industrial Port in Yanbu. Spanning 110,700 square meters, the project represents a SAR500 million investment over 20 years. The agreement was formalized by officials from both organizations and forms part of Mawani's broader strategy to enhance the competitiveness of Saudi ports. The facility will feature fuel and oil storage tanks—critical infrastructure for delivering advanced logistics services to vessels, boosting maritime traffic, and strengthening the Kingdom's global port positioning. 'This partnership with Petrotank demonstrates our ongoing commitment to expanding port services and improving operational efficiency,' said Eng. Suliman Almazroua, President of Mawani. 'It reflects our efforts to reinforce the role of Saudi ports in line with the goals of the National Transport and Logistics Strategy.' Kingdom's Vision 2030 The new refueling hub is expected to significantly elevate fuel storage and bunkering capabilities, making Saudi ports more attractive to global shipping lines. It also supports the Kingdom's Vision 2030, which aims to develop Saudi Arabia into a world-class logistics center. Petrotank already operates an existing fuel station at King Fahad Industrial Port, equipped with eight tanks offering a combined storage capacity of 114,000 cubic meters. Additionally, this facility continues to play a key role in vessel support services. King Fahad Industrial Port in Yanbu is a major maritime gateway on the Red Sea, known for its ability to handle refined products and petrochemicals. Finally, the port covers 6.8 square kilometers, features 34 berths and 10 terminals, and boasts a total handling capacity of up to 210 million tons. Related Topics : Mawani Adds 'MXS1' Shipping Service of 'Silmar Group' Company to Jeddah Port 'Milaha Gulf Express 2': Mawani Announces New Shipping Service Affairs of Two Holy Mosques Launches Tawaf, Sa'i Travel Experience AlUla Wins Best Sustainable Pavilion Award at Arabian Travel Market 2024 Short link : Post Views: 16
Zawya
7 days ago
- Business
- Zawya
Saudi's Mawani, Petrotank to set up bunkering hub at Yanbu port
State-owned Saudi Ports Authority (Mawani) has signed a land lease contract with Riyadh-based National Petroleum & Petrochemical Tanks & Pipeline Co. (Petrotank) to set up an integrated marine bunkering hub at King Fahad Industrial Port in Yanbu. The project will cover an area of 110,700 square meters, with a total investment of 500 million Saudi riyal ($133.24 million), Mawani said in a statement. The project will be operated under a 20-year lease. The addition of fuel and oil storage infrastructure aligns with the objectives of the National Transport and Logistics Strategy, which aims to support the Kingdom's status as a global logistics hub bridging three continents. Petrotank currently operates an existing fueling station at King Fahad Industrial Port in Yanbu, comprising eight tanks with a storage capacity of 114,000 cubic metres King Fahad Industrial Port spans 6.8 square kilometres, features 34 berths and 10 terminals, and has an annual throughput capacity of 210 million tonnes. (Editing by Anoop Menon) (
Argaam
7 days ago
- Business
- Argaam
MAWANI signs SAR 500M deal to establish marine bunkering hub at King Fahad Industrial Port
The Saudi Ports Authority (MAWANI) signed a land lease agreement with the National Petroleum & Petrochemical Tank & Pipelines Company (Petrotank) to build an integrated marine bunkering hub at King Fahad Industrial Port in Yanbu, with a total investment of SAR 500 million. The project will operate under a 20-year lease, MAWANI said in a statement. The project will cover an area of 110,700 square meters (sqm), helping to increase vessel traffic and elevate the Kingdom's ports regionally and globally. It also aligns with the objectives of the National Transport and Logistics Strategy (NTLS), which aims to solidify the Kingdom's standing as a global logistics hub bridging three continents. King Fahad Industrial Port in Yanbu is one of the Kingdom's primary industrial ports on the Red Sea coast, known for high handling capacity for various types of cargo, including refined products and petrochemicals. The port spans 6.8 sq km, features 34 berths and 10 terminals, with a capacity of up to 210 million tons.
