Saudi Aramco is expected to complete the expansion of an oil pipeline that runs east-west across the country in September, lowering the Kingdom’s reliance on the Hormuz Strait. With a previous capacity of 5 million barrels the expansion will allow for an extra two million barrels a day to cross the Kingdom, bypassing Hormuz. In other news, the General Sports Authority has committed $650 million to boost the Kingdom’s sports sector as part of the Vision 2030 national transformation programme. Key areas for development include infrastructure, fan attendance and engagement as well as diversification. Saudi Arabia’s Cabinet has authorized Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, to negotiate and sign a memorandum of understanding with the Jordanian government for a power connectivity project.
To read about this and more of this week’s news from the Kingdom of Saudi Arabia, click here.
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