✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Saudi Aramco opens new fuels storage facility

Published 03/29/2009, 11:09 AM
Updated 03/29/2009, 11:32 AM

RIYADH, March 29 (Reuters) - Saudi Aramco has opened a new refined oil products storage facility in central Saudi Arabia, to allow for more flexibility in scheduling refinery maintenance and minimising supply disruptions, the state news agency said.

The 650,000 barrel underground facility in Qassim is linked to a distribution terminal with a 46-mile-long (74-km) oil pipeline, state news agency SPA said.

It is the last of five similar storage facilities that were opened in Jeddah, Abha, Medina and the capital Riyadh, according to SPA.

"(The facilities) have allowed greater flexibility in the scheduling of maintenance works at refineries and in avoiding any shortage in supplying consumers," Abdul-Aziz al-Khayyal, Aramco's senior vice-President for industrial relations, said in a statement.

The facilities would also cut operating costs and reduce reliance on land transport to move petroleum products within the sprawling country, he added. (Reporting by Souhail Karam; Editing by Rupert Winchester)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.