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Tag: Arabia

Boeing nabs $3.1B in cruise missile deals for Saudi Arabia, other partners

Boeing nabs $3.1B in cruise missile deals for Saudi Arabia, other partners

Business
May 14 (UPI) -- The Navy awarded Boeing with a combined $ 3.1 billion in contracts this week for cruise missile weapon systems for foreign partners, including Saudi Arabia. "We are pleased to continue our long legacy of partnering with the Navy to build weapons that defend America and its international partners," Cindy Gruensfelder, vice president, Boeing Weapons, said in a press statement. The first of the two contracts -- a $ 1.9 billion deal for work on the Stand-off Land Attack Missile-Expanded Response, or SLAM-ER -- will support a redesign of the missiles, as well as production and delivery of 650 SLAM-ERs to Saudi Arabia through the Pentagon's Foreign Military Sales Program. The second is a $ 657 million contract modification that procures and delivers 467 Harpoon full rate produc...
Oil prices turn lower despite hints Russia and Saudi Arabia are ‘very close’ to a deal

Oil prices turn lower despite hints Russia and Saudi Arabia are ‘very close’ to a deal

Finance
Oil prices dipped during morning deals on Monday, shortly after the CEO of Russian sovereign wealth fund RDIF told CNBC that Moscow and Riyadh were "very close" to an oil deal.International benchmark Brent crude futures traded at $ 32.96 a barrel Monday morning, down more than 3.2%, while U.S. West Texas Intermediate (WTI) futures stood at $ 27.46, more than 3% lower. "I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close," Kirill Dmitriev of the Russian Direct Investment Fund told CNBC's "Capital Connection" on Monday.Oil prices edged into positive territory shortly after Dmitriev's optimistic comments, but have since pared those gains.Earlier...
U.S. begins production on combatant ship for Saudi Arabia

U.S. begins production on combatant ship for Saudi Arabia

Business
Nov. 19 (UPI) -- The U.S. Navy began production last month on a multi-mission surface combatant ship for the Kingdom of Saudi Arabia. A "cut steel" ceremony was held Oct. 24 at Fincantieri Marinette Marine in Marinette, Wisc., which constitutes the start of construction on the first of Saudi Arabia's MMSC vessels, Naval Sea Systems Command announced this week. Representatives of both the U.S. Navy and Royal Navy Saudi Forces attended the ceremony at the FMM facility where the company has been working on the vessel. A bipartisan group of Wisconsin lawmakers -- including Marinette mayor Steve Genisot, U.S. Sen. Tammy Baldwin, D-Wisc., U.S. Rep. Mike Gallagher, R-Wisc., and Democratic Wisconsin state Sen. Dave Hansen. Lockheed Martin is the prime contractor for the 4,409-ton tailored littor...
Saudi Arabia to offer .5% for public shares in Aramco

Saudi Arabia to offer .5% for public shares in Aramco

World
Nov. 9 (UPI) -- Saudi Arabia plans to sell up to one-half of 1 percent of its oil company, Aramco, to individual investors, according to a prospectus released Saturday. In what is expected to be the world's largest initial public offering, the kingdom announced last Sunday it will sell the shares on the Saudi Stock Exchange, known as as Tadawul, in December. The value of the company is valued between $ 2 trillion and $ 2.3 trillion, CNBC reported, compared with U.S. oil companies' Exxon Mobil with a market cap of nearly $ 300 billion and Chevron at $ 229 billion. If 0.5 percent is offered, that equates to $ 20 billion to $ 23 billion received in the Public Investment Fund. Saudi Arabia owns about 18 percent of the world's proven petroleum reserves: 260 billion barrels "The price at whic...
Reports: Iranian oil tanker attacked off Saudi Arabia

Reports: Iranian oil tanker attacked off Saudi Arabia

World
Oct. 11 (UPI) -- An Iranian oil tanker was struck by assumed rockets off the coast of Saudi Arabia in the Red Sea on Friday, Iranian officials said, becoming the latest maritime incident in the area as tensions between Tehran and Washington skyrocket. The National Iranian Tanker Company said its oil tanker, Sabity, was hit by rockets some 60 miles from the Saudi Arabian port city of Jeddah as it was passing through along the Red Sea, the state-run IRNA reported. All crew onboard are reportedly safe and the ship is in stable condition only sustaining surface damage, the report said. According to officials, there were two explosions on the vessel, causing damage to its main tanks, resulting in oil spewing into the ocean, Iran's semi-official Press TV reported. The NITC said the explosions...