News on Saudi Arabia.

Saudi shipyard to secure future of the country's economy

Plans for a new giant shipyard in Saudi Arabia worth about USD 6 billion form part of the country's strategy to relieve dependence on especially the oil market. "This is with the future in mind," a source close to the project tells ShippingWatch.

Saudi Arabia will invest billions in giant shipyard

A giant shipyard in Saudi Arabia will supply supply the country's oil industry with tanker vessels and rigs while also helping to create more than 10,000 jobs. Saudi Aramco and Hyundai Heavy Industries are part of the joint venture behind the yard. Investments will total billions of dollars.

Oil price balancing at highest level in a year

The oil price is balancing at its highest level in 12 months. Russian president Vladimir Putin has laid a solid market foundation, but Goldman Sachs questions the likelihood of balance being restored to the market.

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