RIYADH: Saudi Arabia’s King Fahad Industrial Port in Yanbu will see the establishment of an SR500 million ($133 million) integrated ship refueling center following a lease agreement signed by the Kingdom’s Ports Authority, Mawani.
Inked with the National Petroleum and Petrochemical Tank and Pipelines Co., the deal will see the facility developed on a 110,700 sq. meter site over 20 years, the Saudi Press Agency reported.
The initiative falls in line with Mawani’s drive to enhance the competitiveness of Saudi ports by developing fuel and oil tank infrastructure, which is crucial for delivering high-value logistical services, supporting increased vessel traffic, and strengthening both regional and global port competitiveness.
It also supports the goals of the National Transport and Logistics Strategy, which seeks to invest more than $266.7 billion by 2030 and establish Saudi Arabia as a top international logistics hub.
“This collaboration with Petrotank reflects Mawani’s commitment to enhancing the attractiveness and competitiveness of Saudi ports through the expansion of services provided to shipping lines,” Mawani President Suliman Al-Mazroua said.
