02 May Renovated oil terminal to boost Saudi Arabia’s export capacity
Saudi Aramco has announced it will launch its refurbished Muajjiz oil terminal on the Red Sea in 2018, which will lift its total loading and export capacity to 15 million barrels per day (bpd).
The Muajjiz terminal was used as an export terminal for Iraqi crude through the Iraqi Pipeline in Saudi Arabia (IPSA), but has not carried Iraqi crude since Saddam Hussain’s invasion of Kuwait in 1990.
However, the state oil giant’s senior vice president for upstream, Mohammad Al-Qahtani, said the resumption of operations at Muajjiz will boost Saudi Arabia’s total capacity by 3.5 million bpd, up from its current capacity of 11.5 million bpd.
The move will strengthen Aramco’s ability to meet its commitments to customers and maintain its export capability from the West coast of the kingdom.
In other news, Aramco completed its takeover of the Port Arthur oil refinery, the largest oil refinery in the US, with 600,000 bpd processed at the site in Texas.
The state-run oil company also hopes its upcoming IPO will be valued at an eye-watering US$2 trillion.