Riyadh: The Royal Commission of Jubail and Yanbu has finalized its deal with the $50 million-valued Mitchell Rapper Arabia Co. to supply land for manufacturing of synthetic rubber components in Yanbu.
This was one of 13 contracts signed during US President Joe Biden’s visits to the Kingdom, disclosed Steven Luttenschlager, Mitchell Rapper Arabia’s chairman and CEO.
The factory is to start operating by 2024; whereafter, it will engineer and supply rubber products such as tires, belts, hoses, and other materials to different industries, he added.
Additionally, the project is expected to add up to 250 jobs in management, engineering, and technology, reported the Saudi Press Agency.
Lebanon secures $150m loans for wheat imports
The Lebanese parliament has signed a $150 million loan deal with The World Bank to secure its wheat imports for the next six to nine months.
This decision came after three years of bread shortages in Lebanon caused by economic turmoil, and more recently the Russian-Ukrainian war.
Previously, 80 percent of Lebanon’s wheat supply was imported from Ukraine, and 15 percent from Russia, according to MEED.
The country expects that Ukrainian wheat imports will resume back to normal levels.
“Ukraine will allocate a specific line of shipment for Lebanon so we can get all the wheat we need on a weekly basis,” said Economy Minister Amin Salam.
Adnoc grants $2bn Hail & Ghasha to subsidiary
Abu Dhabi National Oil Company has selected its subsidiary ADNOC Drilling for the development of two contracts in the $2 billion Hail and Ghasha offshore sour gas field project.
The project’s finances are broken down into two, where $1.3 billion will be invested in drilling services and fluids, and the remaining $711 million in the provision of four island drilling units, reported MEED.
“The Hail and Ghasha development project is part of the Ghasha concession which is the world’s largest offshore sour gas development and a key component of ADNOC’s integrated gas master plan,” ADNOC stated.
