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HomeNewsSaudi Aramco shows interest in buying Valvoline’s commercial unit: sources

Saudi Aramco shows interest in buying Valvoline’s commercial unit: sources

MENA Project Tracker: Kuwait to start construction on world’s largest petroleum center

RIYADH: Kuwait is set to launch the world’s largest petroleum center yet. Saudi real estate firm Roshn to kick off second community development in Northern Jeddah. Saudi Arabia’s Ministry of Industry and Mineral Resources has opened a pre-qualification round for a new mineral site. Contractors have also submitted bids for the third phase of Emaar’s Creek Beach in Dubai. Additionally, Saudi’s Modon and National Centre for Privatization and PPP are partnering to introduce three logistics parks in the Kingdom. Meanwhile, contractors are preparing bids for Saudi’s SABIC and Aramco’s petrochemicals plant in Yanbu.

·      Kuwait is on track to start construction on the largest petroleum research center worldwide worth $120 million before the end of 2022, MEED reported, citing the country’s oil ministry. The facility — which aims to develop advanced production and refining techniques — is set to have around 28 laboratories and will be located in Al-Ahmadi town. 

·      Public Investment Fund-backed Saudi real estate firm Roshn has unveiled its second community development to be located in Northern Jeddah, Trade Arabia reported. Also referred to as Al Arous, the new integrated community will be spread over a 4 million square meter area. It will entail an estimated 18,000 residential units as well as parks, walkways for foot travelers, bicycle paths, restaurants, cafes, schools, and mosques.

·      Saudi Arabia’s Ministry of Industry and Mineral Resources has invited firms to submit prequalification documents for the Umm Ad Damar Exploration License site worth an estimated $533 million, according to a statement. The site — which will cover an area of over 40 square kilometers — will include copper, zinc, gold, and silver deposits, according to the ministry.

·      Contractors have submitted bids for the third phase of the Emaar Creek Beach project in Dubai. With Kuwait-based architecture and engineering consultant SSH acting as the project’s consultant, the scope of the work includes the building of 14 medium-rise buildings to cater to an estimated 900 residential units. Contractors include domestic Al-Basti, Mukhta, ASGC, among others.

·      The Saudi Authority for Industrial Cities and Technology Zones, also known as Modon, is collaborating with the National Centre for Privatization and PPP to launch three logistics parks in Saudi Arabia’s northern region, MEEED reported. UK-based multidisciplinary professional services organization EY has signed the contract for the project to develop the three logistics parks. The contract also includes the construction of four buildings for Modon employees in addition to the parks.

·      Contractors are preparing bids for Saudi chemical manufacturing company SABIC and Aramco’s petrochemicals facility in Yanbu city, MEED reported. The bids involve the engineering, design, and feed works for the integrated facility. Bidders include America’s Fluor, UK’s Wood, and Australia’s Worley, among others.