Riyadh – Mubasher: Saudi Ports Authority (MAWANI) announced completing the final phases of launching ship-to-ship (STS) service for oil products in the Red Sea region near to Yanbu Commercial Port and King Fahd Industrial Port.
This service is deemed one of its initiatives to achieve Saudi Vision 2030 that aims to turn the kingdom into a global logistics centre, as well as enhance the economy, the Saudi Press Agency (SPA) reported on Wednesday, citing MAWANI as saying.
The main operations include transferring part of oil products from a very large crude oil carrier (VLCC) to smaller ones to ship them to Saudi ports or other destinations, MAWANI added.
Providing this service near to Yanbu will contribute to reducing trip costs and saving more than $1.4 million per annum, the state-run entity highlighted.
MAWANI plans to expand over the coming period through providing bunkering service for vessels.