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Tag: Arabia

Lockheed awarded $3.3B for PAC-3 missiles for Saudi Arabia, Kuwait

Lockheed awarded $3.3B for PAC-3 missiles for Saudi Arabia, Kuwait

Business
Dec. 24 (UPI) -- Lockheed Martin has been awarded a contract for Phased Array Tracking Radar to Intercept on Target Advanced Capability-3, or Patriot PAC-3, missiles for Saudi Arabia and Kuwait. The contract, announced Friday by the Department of Defense, is worth a total of $ 3.3 billion for production of the missiles, with associated ground support equipment and initial spares of both PAC-3 missiles and PAC-3 Missile Segment Enhancement interceptors. Production on the contract will occur in Alabama, Arkansas, Florida, Massachusetts and Texas, with the company being obligated $ 1.8 billion from fiscal 2019 other procurement Army funds. "PAC-3 and PAC-3 MSE give our customers unmatched, combat-proven hit-to-kill technology to address growing and evolving threats," Jay Pitman, vice preside...
Qatar will pull out of OPEC amid tension with Saudi Arabia

Qatar will pull out of OPEC amid tension with Saudi Arabia

World
The tiny, energy-rich Arab nation of Qatar announced on Monday it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha. The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $ 30 a barrel. It also marks the first time a Mideast nation has left the cartel since its founding in 1960. In a statement, al-Kaabi said Qatar, the world's largest exporter of liquified natural gas, planned to increase its exports from 77 million tons of gas per year to 110 ...
Trump stands with Saudi Arabia despite Khashoggi killing

Trump stands with Saudi Arabia despite Khashoggi killing

World
Donald Trump has admitted Saudi Arabia's crown prince may have known about Jamal Khashoggi's killing - but will not punish the country financially. The US president said America plans to remain a "steadfast partner" of the kingdom.Mr Khashoggi, a journalist and staunch critic of the Saudi rulers, was murdered inside the Saudi consulate in Istanbul on 2 October after entering to obtain documents so he could marry his Turkish fiancee.Mr Trump said: "Our intelligence agencies continue to assess all information, but it could very well be that the crown prince had knowledge of this tragic event - maybe he did and maybe he didn't!"We may never know all of the facts surrounding the murder of Mr Jamal Khashoggi. In any case, our relationship is with the Kingdom of Saudi Arabia."Th...
Trump changes tone with Saudi Arabia over killing

Trump changes tone with Saudi Arabia over killing

World
Donald Trump has said he is "not satisfied" with Saudi Arabia's response to the death of Jamal Khashoggi. The US president initially described the explanation that the journalist was killed after a fist fight as "credible", but his latest comments were more cautious.Asked if he was satisfied that Saudi officials had been fired over Mr Khashoggi's death, he said: "No, I am not satisfied until we find the answer."But it was a big first step, it was a good first step. But I want to get to the answer." 1:43 ...
Saudi Arabia quietly plans to increase oil output by 500,000 barrels per day

Saudi Arabia quietly plans to increase oil output by 500,000 barrels per day

Business
Sept. 28 (UPI) -- Saudi Arabia is poised to steadily increase production to compensate for the Iranian oil that will be subject to U.S. sanctions starting Nov. 5. Saudi Arabia hasn't said anything publicly, and seemed to tow the OPEC line following Sunday's meeting with other major oil producers. But Commerzbank said Friday that Saudi Arabia could pump another 500,000 barrels of crude oil per day. "Saudi Arabia apparently plans to quietly increase the oil supply in the short term to compensate for the shortfall in Iranian oil," analysts from Commerzbank said Friday. President Donald Trump has been at odds with the Organization of the Petroleum Exporting Countries since he tweeted last week demanding increases in production to lower prices. It's turned into a game of chicken between the tw...