Saudi Arabia plans to "inaugurate" an oil terminal used to export Iraqi crude

Saudi Arabia plans to "inaugurate" an oil terminal used to export Iraqi crude

economy Since 2017-05-01 at 19:23 (Baghdad time)

Follow up - Mawazine News
Saudi Arabian oil company Saudi Arabia plans to return the port of Al-Majaz to work next year after it has been repaired, Saudi officials said on Monday.
"The state oil giant Aramco plans to launch the port of the Red Sea resort of the Red Sea next year after repair, bringing the total load capacity and export to 15 million barrels per day," officials said.
"Operating the port next year will increase the kingdom's capacity to handle oil to 15 million bpd from 11.5 million bpd now," said Mohammed al-Qahtani, senior vice president for exploration and production at Aramco.
"The return of operations at the Miracle will give Saudi Aramco greater flexibility in terms of its sales of crude oil and its products, as well as the Red Sea routes without affecting its intensive operations from the Gulf, which is largely dedicated to Saudi Aramco," said Sadad Husseini, a former Aramco executive and energy consultant. Asian markets ".
The port was used to export Iraqi crude through the Iraqi pipeline in Saudi Arabia, but has not transferred Iraqi crude since Saddam Hussein invaded Kuwait in 1990.
Saudi Arabia seized the pipeline in 2001 for Baghdad's debts.
The kingdom used the Iraqi pipeline in Saudi Arabia to transport gas to power plants in the west of the country for years before the pilot opened in 2012, which allowed the Riyadh to export more crude if Iran tried to close the Strait of Hormuz.
Iran, the arch-rival of Saudi Arabia, threatened in the past to close the Strait of Hormuz, which passes through 40 percent of world oil exports by sea because of sanctions imposed by Western powers on their oil exports in 2012.
The additional capacity of the Miracle, which will be added to the Yanbu crude oil port, will accommodate the excess quantities of fuel oil and heavy Arab crude supplies destined for local refineries in Jeddah, Yasraf and Jazan.
The move will strengthen Aramco's ability to meet its commitments to its customers and maintain its export capacity from the Kingdom's west coast.
Saudi Arabia has three major ports for oil exports, including the Gulf port of Ras Tanura, which has an average capacity of about 3.4 million bpd and handles most of Saudi Arabia's exports, according to the US Energy Information Administration.
The average handling capacity of the Ras Al Juaima facility on the Gulf is about three million barrels per day and can accommodate the largest oil tankers to load crude.
The handling capacity of Yanbu port overlooking the Red Sea, which is exporting most of the remaining quantities, is 1.3 million barrels per day on average. "

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