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The news of the world export

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The news of the world export

The news of the world export
July 19
14:00 2016

Riyadh is going to create the world’s largest oil tanker fleet

The company Petroleum Investment Corp. (Apicorp) and National Shipping Co. of Saudi Arabia (Bahri) are going to build in the partnership the world’s largest fleet of oil tankers. Also, they will support the increase of “black gold” export, which was planned by the Kingdom of Saudi Arabia. This statement was made by the Minister of Energy of Saudi Arabia Khalid al-Falih to the press in Riyadh.

Arab Petroleum Investment Corp. finances energy companies. National Shipping Co. of Saudi Arabia is a shipping company. Together they formed an investment fund with the size of $ 1.5 billion for the purchase of 15 very large crude carriers (VLCCs). At the moment there are forty- six similar vessels under the control of Bahri.

“This will make Bahri the world’s largest company on the oil transportation”, – the Bloomberg agency quotes the Minister of Energy.

The Kingdom of Saudi Arabia is a world’ oil export leader.

“The Saudi Aramco National Company supplies about 20% of oil abroad by the sea. So, they need more tankers to provide ever-increasing demand”-, also said Al-Falih.

Currently, China Merchants Group owns the largest number of large crude carriers. There are 53 vessels, including those that were ordered but haven’t been received yet.

 

The European Union takes action against China at WTO

The European Union has filed a claim against the restrictions on the raw material export, which were introduced by China, for the third time. In this way the European Union joined the United States in a claim against the Beijing within the jurisdiction of the World Trade Organization (WTO).

The similar lawsuits were submitted in 2012 and 2014. After these actions the European Commission stated that the attention of the block would be focused on graphite, cobalt, copper, lead, chromium, magnesium oxide, mica, tantalum, tin, antimony and indium.

” The two previous WTO’s decisions on the issue of Chinese export restrictions were very clear. These measures are contrary to the international trade rules. Since we do not see China’s desire to eliminate them, we have to file a claim”, said Cecilia Malmström, the European Commissioner for Trade.

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